An Indian firm providing crypto tax calculation services is introducing a software as a service (SAAS)-based solution to tackle India’s myriad crypto taxation regime.
See related article: India’s latest tax assault on crypto exchanges starts Friday
Fast facts
- SAAS-based TaxCryp software aims to simplify tax computation, compliance and reporting requirements, India-based TaxCryp Technologies said on its verified Twitter handle.
- India imposed a 30% flat tax on all crypto income from April 1, and a 1% tax deducted at source (TDS) on the sale and transfer of crypto assets in excess of 10,000 Indian rupees (about US$127).
- India also does not allow crypto traders to offset losses with gains made elsewhere, and has not clarified the legal status of the asset.
- Compliance is tedious for Indian taxpayers as clarifications on the method of calculating these taxes has not been provided by the department.
- India taxes on a proportional basis with direct tax on income ranging between 5% and 30%. However, only 6.7 million people filed their income tax declarations this year till July 31, according to a Twitter post by the department. India’s has a population of more than 1.4 billion people.
See related article: Tax, bear market temper India’s enthusiasm for NFTs
