Quote from: webtricks on April 15, 2023, 06:17:54 PM

Quote from: Lender on April 15, 2023, 06:08:13 PM

Quote from: webtricks on April 15, 2023, 02:43:07 PM

-snip-

$5000 at USDT/INR rate on the date of sale will be taxed as per normal taxable rates whereas $2000 at USDT/INR rate will be taxable at 30% under section 115BBH.

Will 1% TDS be applied on $2000 component only or on the total of $7000?

1% TDS will be applicable on the total $7000. This is very important point. I missed it in my post above. When you sell crypto on Exchanges, the whole amount is considered as the transfer. So while showing the amount of consideration u/s 115BBH, you are required to show the whole amount $7000 but you can show $5000 as the cost of acquisition, hence the net amount chargeable to tax u/s 115BBH will be $2000.

That clears so many things. I was always under the assumption that EVERY crypto income is taxed under 30% tax slab.
This was very much unfair according to me since traders were taxed only on their profits but the ones who are being paid in crypto were taxed on the whole income.
Now that things are more clear, I think the income from campaigns will be added to our income from our full time jobs in INR.
Together both the income will be taxed under the normal tax slabs if I am not wrong.