Appearances can be deceptive
If you are into crypto then you are super rich !!!
Do you agree with the above statement ?
Well that seems to be the general feeling about those who hold or deal in crypto.
The govt. wants to apply super high taxes on crypto
Taxes are according to slabs of income. That is the general idea across countries.
however when it comes to crypto govt. are usually indecisive when it comes to give them recognition.
however when it comes to taxation the govt. wants to tax you to the max.
Take the case of India there the govt. wants to tax you at 30% of your crypto profits.
Though there is not a lot of clarity if and when the govt. would give due recognition to the crypto sector yet it is ready to tax you at 30% irrespective of your income slab.
Here is a scenario when the govt. would do nothing to promote or support the industry yet it wants to have a share of your profits that too at one of the highest slabs.
Being in crypto is full of ups and down
Crypto prices can be volatile and can lead to a lot of losses.
Besides out of so many projects one may experience losses because the developers of a project abandon it, hacks and the rug pulls.
Yet for some reason the taxation authorities do not see the risk but only want you to shell out a sizeable share of the profits.