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Central Board of Direct Taxes (#CBDT ) has collected more than 100 crore INR ($12 million) from one percent TDS (Tax Deducted at Source) on crypto transactions in this financial year.
The #Indian #government had implemented one percent direct tax on all crypto transactions from July 1, 2022.
In an interview with #ani , the tax body’s chairman revealed that they have collected over 700 crore INR ($84 million) in TDS during the current financial year from online gaming companies and crypto transactions.
Over 12$ million was collected from taxes on crypto.
Tax Imposed After “Phenomenal Increase” in Crypto Transactions
Though crypto regulations in India remain unclear as of now, the central government has imposed heavy taxes in order to curb unsupervised crypto’s adoption in the world’s most populated country.
In her 2022-23 Budget speech, India’s Finance Minister Nirmala Sitharaman announced one percent #TDS on crypto transactions.
She cited “phenomenal increase” in crypto transactions as a reason for a specific tax regime.
At the same time, she proposed taxing income from the transfer of any virtual digital asset at 30 per cent.
The central government of India has significantly changed its stance on crypto regulations in the last year.
The #Indian #government had implemented one percent direct tax on all crypto transactions from July 1, 2022.
In an interview with #ani , the tax body’s chairman revealed that they have collected over 700 crore INR ($84 million) in TDS during the current financial year from online gaming companies and crypto transactions.
Over 12$ million was collected from taxes on crypto.
Tax Imposed After “Phenomenal Increase” in Crypto Transactions
Though crypto regulations in India remain unclear as of now, the central government has imposed heavy taxes in order to curb unsupervised crypto’s adoption in the world’s most populated country.
In her 2022-23 Budget speech, India’s Finance Minister Nirmala Sitharaman announced one percent #TDS on crypto transactions.
She cited “phenomenal increase” in crypto transactions as a reason for a specific tax regime.
At the same time, she proposed taxing income from the transfer of any virtual digital asset at 30 per cent.
The central government of India has significantly changed its stance on crypto regulations in the last year.
Focus on Horizontal MEME #Season 1
#ANI 17.8M, Musk's main milk series, the ceiling of AI idols, horizontal for 16 days on the daily chart
AOL 16.2M, WLFI ecosystem launchpad (coming soon), horizontal for 6 days on the daily chart
#SPARK 28M, the current PUMP platform AI leader, horizontal for 8 days on the daily chart
KLED 17M, a wave in the ICM track, needs to switch chains, $1 billion company collaboration, horizontal for 69 days
The longer the horizontal, the longer the vertical, applicable to projects with major player control, market value has not fallen to the bottom of the cliff, with long-term development expectations
Either strong narrative consensus, or the project is still doing things
For example, the wave market has generated many super horizontals, pulling up the coins to high multiples
For example, #TROLL , #PENGU , USELESS, PYTHIA, NUIT, GP
Short horizontal that can explode is generally within the current hotspots, such as SPARK, ANI, AOL, etc.
These logics are summarized from practical experience, hope everyone can make a lot of money in this MEME season
#ANI 17.8M, Musk's main milk series, the ceiling of AI idols, horizontal for 16 days on the daily chart
AOL 16.2M, WLFI ecosystem launchpad (coming soon), horizontal for 6 days on the daily chart
#SPARK 28M, the current PUMP platform AI leader, horizontal for 8 days on the daily chart
KLED 17M, a wave in the ICM track, needs to switch chains, $1 billion company collaboration, horizontal for 69 days
The longer the horizontal, the longer the vertical, applicable to projects with major player control, market value has not fallen to the bottom of the cliff, with long-term development expectations
Either strong narrative consensus, or the project is still doing things
For example, the wave market has generated many super horizontals, pulling up the coins to high multiples
For example, #TROLL , #PENGU , USELESS, PYTHIA, NUIT, GP
Short horizontal that can explode is generally within the current hotspots, such as SPARK, ANI, AOL, etc.
These logics are summarized from practical experience, hope everyone can make a lot of money in this MEME season
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