Oh No I’m A Crypto-Criminal Now! Indian Gov Introduces Crypto Tax Penalties
The Indian government has done it. Every self-respecting crypto enthusiast from India has now officially been categorized as a criminal. Tax authorities have introduced a new set of taxes and penalties for anyone dealing in crypto.
Why do we need crypto taxes? Well, the govt. wants to keep track of crypto transactions and count them as legal tender. Obviously, that means that using crypto outside the source of your income could put you in trouble with the IRS.
But Wait, It Gets Worse
It seems as if the Indian government wants to keep a tight leash on crypto trading. The newly implemented taxes are targeting all crypto users, not just day traders. Even if you just passively hold crypto, or exchange crypto for goods or services, you could very well find yourself face-to-face with the long arm of the law.
Guilty Until Proven Innocent?
The new penalties will require individuals to pay taxes, fines and even face imprisonment in certain cases. It seems as if the Indian government believes all crypto users are guilty until proven innocent.
Living in India and using crypto is becoming harder every day!
What You Can Do To Protect Yourself
If you are living in India and are using or planning to use crypto, here are some tips that can help you protect yourself:
- Understand the rules and regulations: You need to stay up to date with all the latest rules and regulations regarding crypto in India. That way, you wouldn’t get into any trouble.
- Keep records: The IRS can request records from crypto users, so make sure you have everything organized and easily accessible.
- Pay your taxes: Make sure you file your crypto taxes on time and pay any taxes you owe. Better to be safe than sorry.
So, if you are living in India and dealing with crypto, be aware of the new penalties and maybe hold off a bit before turning into a crypto-criminal.
But then again, who amongst us isn’t a criminal these days?
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