{"id":17106,"date":"2023-01-20T23:00:20","date_gmt":"2023-01-20T23:00:20","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/01\/20\/india-wont-allow-offsetting-loss-on-one-crypto-with-profit-from-another\/"},"modified":"2023-01-20T23:00:21","modified_gmt":"2023-01-20T23:00:21","slug":"india-wont-allow-offsetting-loss-on-one-crypto-with-profit-from-another","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/01\/20\/india-wont-allow-offsetting-loss-on-one-crypto-with-profit-from-another\/","title":{"rendered":"India won\u2019t allow offsetting loss on one crypto with profit from another"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2022\/03\/21\/india-crypto-tax\/<\/a><\/br>
\nIndia won\u2019t allow offsetting loss on one crypto with profit from another<\/br>
\n2023-01-20 23:00:20<\/br><\/p>\n

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India\u2019s proposed taxation law of virtual digital assets won\u2019t permit individuals to offset loss on one asset against profit from another, the Ministry of Finance said Monday in a move that the head of the nation\u2019s top cryptocurrency exchange termed as \u201cdetrimental\u201d and \u201cregressive.\u201d<\/p>\n

India proposed law for taxing virtual currencies in February this year<\/a>. It proposed taxing income from the transfer of any virtual assets at 30%. To capture details of all such crypto transactions, New Delhi proposed a 1% tax deduction at source on payments made related to purchase of virtual assets.<\/p>\n

In a clarification posted on Monday, the Ministry of Finance today announced its intention to tax each digital asset investment independently, a departure from how the nation regulates transactions at the stock market, punishing an industry that is already set to face some of the world\u2019s steepest tax rates.<\/p>\n

The clarification, which also says that infrastructure costs for mining cryptocurrency cannot be seen as cost of acquisition, comes less than two weeks before the proposed crypto taxation law is set to go into effect (April 1).<\/p>\n

The crypto community in India aired its shock at the announcement, with several founders expressing their disappointment.<\/p>\n

Ashish Singhal, co-founder and chief executive of Andreessen Horowitz-backed CoinSwitch Kuber, said<\/a> Monday\u2019s move is \u201cdetrimental for India\u2019s crypto industry and the millions who have invested in this emerging asset class.\u201d<\/p>\n

Singhal cautioned that such a step could drive users to underground peer-to-peer markets, where users are not required to confirm their real identity, hence defeating the purpose of the tax.<\/p>\n

The federal budget from earlier this year \u201crecognised virtual digital assets (VDAs) as an emerging asset class. Therefore a natural course of action would have been to progressively bring the regulations at par with other asset classes,\u201d he said.<\/p>\n

\u201cInstead, today, with this clarification, we have taken a step backwards. If a regressive provision such as this would have been applicable in equities, it would have discouraged retail investors from participating,\u201d he added.<\/p>\n

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Discouraging Crypto = Discouraging Innovation <\/p>\n

This is one of the top reason why countries around the world are taking cautious steps in Crypto taxation <\/p>\n

Hope Indian Government hears the youth and ensures that Indian Crypto industry remains competitive \u270c\ufe0f#UnfairCryptoTax<\/a><\/p>\n

\u2014 Nischal (Shardeum) \u26a1\ufe0f (@NischalShetty) March 21, 2022<\/a><\/p>\n<\/blockquote>\n<\/div>\n

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If you made loss in Bitcoin, you cannot set it off with profit in Ethereum. The new taxation law was clarified in parliament today. <\/p>\n

My suggestion is to sell everything you have before March 31, 2022. And start fresh from April 2022. <\/p>\n

Cost of mining cannot be deducted too! pic.twitter.com\/pfSGPAOFBO<\/a><\/p>\n

\u2014 Naimish Sanghvi (@ThatNaimish) March 21, 2022<\/a><\/p>\n<\/blockquote>\n<\/div><\/div>\n

<\/br><\/br><\/br><\/p>\n

Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2022\/03\/21\/india-crypto-tax\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2022\/03\/21\/india-crypto-tax\/ India won\u2019t allow offsetting loss on one crypto with profit from another 2023-01-20 23:00:20 India\u2019s proposed taxation law of virtual digital assets won\u2019t permit individuals to offset loss on one asset against profit from another, the Ministry of Finance said Monday in a move that the head of the nation\u2019s top cryptocurrency exchange termed […]<\/p>\n","protected":false},"author":1,"featured_media":17107,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,8],"tags":[],"class_list":["post-17106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology"],"yoast_head":"\nIndia won\u2019t allow offsetting loss on one crypto with profit from another - 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