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What Crypto Community is expecting from Budget 2022 in India

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@reeta0119
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New year celebrations are over and now since we have entered in another year so there are many new things are happening in the year. One of the important parts that everyone cares about in any country is known as the budget. This is something that affects us directly so what govt plans in the budget can bring good or bad things for us and I think its more or less the same for everyone in any country. In India budget is shared in Feb month and govt will be starting the budget session in parliament from 31 Jan 2022 onwards. The budget will be shared in Feb month and in a few weeks, we will get to know what govt is going to do through the budget. Usually, with every budget, govt increase or decrease the expenditure for the country in various sectors, and taxation is also declared for the next financial year.

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This year crypto community is seeking some clear guidelines for crypto investment and even regulation so that people get better clarity. Many crypto investors are struggling with tax filing because as of now there is no clarity that how the income should be managed and this is why a clear rule for tax filing is certainly required. Even I expect the so I am sure majority of crypto investors in India are expecting the same.

If Indians are not barred from dealing in cryptocurrencies, the government may impose a tax on them. The government may contemplate levying TDS (tax deducted at source) and TCS (tax collected at source) on the sale and purchase of cryptocurrencies beyond a specific threshold. In case that happens, it will help the government know and track the investors.

Govt is aware that crypto trading in India is going on and even the volume is huge which means there is huge potential for govt to get revenue through taxation. With the increase in investment and new investors, it becomes even more important to bring guidelines so that govt and investors both know what they can expect out of crypto. It can also be considered a baby step towards regulation if govt brings a tax slab for crypto income.

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India has already got a very less number of taxpayers and through crypto, if govt gets more taxpayers then I think that this is a great move. Now when many investors are not sure how and what they need to pay towards their crypto income to the government then its high time when govt needs to step in and take a positive step towards crypto.

Let's see how things are unfolded in the coming budget this year and it would be great if govt brings some positive news for the crypto community in India. Its obvious that with clear tax rules more investors will be part of it which will surely increase tax collection.

Thank you so much

Stay Safe

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