Trying to figure out how much TDS and tax I will need to file in India.
I use onrampmoney to buy some usdt. Transferred it to MEXC & metamask and have been trading there.
Do I need to file 1% TDS for every single trade I make? (Crypto to crypto)
How do I even track the profits? Eg. I buy coin 1 for 1ETH, it's value doubles. I "take profits" by converting it back into ETH and buy another coin for 2 ETH. It's value plummets to 0.5 ETH. I convert the 0.5 ETH to inr and want to withdraw. How much tax do I now owe? Do I file TDS for both transactions? Do I pay 30% tax on the first transaction and 0 on the second?
Now imagine this with 1000s of transactions. How the fck am I supposed to keep track of on chain transactions?
Basic laws I searched online: 1% TDS for buying crypto 1% TDS for crypto to crypto transaction including stables and 30% tax for profits 1% TDS and 30% tax for selling crypto
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