Schedule VDA: Reporting and taxation of crypto currencies

Income Tax ITR Filing
21

Hey @HIREiN,

Yes, as income from crypto trading is taxed at a special rate of 30% and the basic exemption limit of ₹2.5L is not available on crypto income.

22

the I.T. rules of crypto and virtual asset trading

e.g. : (1) 30% flat tax even though total income is less than 2.50 lakhs
(2) TDS / TCS etc
(3) loss can be setoff only against the crypto and virtual asset only
etc etc

query :

are these rules the same for and also applicable to trading in
DREAM11 ; 1Xbet ;
etc …
?

@Surbhi_Pal
@Sakshi_Shah1
@Shrutika_Shah

23

Hi @HIREiN,

I guess you are interested in understanding the in-depth taxation rules for crypto and virtual asset trading. I would recommend you to book a MEET where we can assign you a dedicated tax expert who shall answer all your queries around Tax on crypto and virtual asset trading from different viewpoints.

There are multiple things to be considered for taxation on crypto.

Hope this helps.

24

no . i just want to know the rules for betting in are these rules the same for and also applicable to trading in
DREAM11 ; 1Xbet ;
etc …
?

25

Hello @TeamQuicko

I wanted to know if users have to pay TDS if they are trading crypto on foreign exchanges. As far as i know, they don’t as the trading is happening amongst non-residents. Please confirm.

Thank you.

26

Hey @Nyk

TDS at a rate of 1% applies to domestic crypto transactions. However, if crypto transactions are conducted through international crypto exchanges, TDS will not be imposed.

Hope this helps.

1 Like
27

Hello @TeamQuicko

Is GST applicable on Crypto/NFT Trading? If someone is trading NFTs, do they have to pay any GST?

Thank you.

28

Hey @Nyk

GST applies to crypto and NFT trading, as specific exemptions are not provided. Therefore, sellers must pay GST to the department when selling cryptocurrencies or NFTs. However, GST is only required to be paid when the sales/turnover exceeds INR 40 lakhs or if the seller is already registered under GST.

Hope this helps!

29

What do sellers mean here? Someone who is creating NFTs and then selling to the public? What about traders who are buying and selling on an exchange like trading stocks/coins?

Also, if these are happening on international exchanges, then will this be applicable?

Thank you.

30

Hey @Nyk

The exchanges will collect GST charges on each transaction as the GST is levied by them. However, the GST is not applicable in the case of international exchanges.

Hope this helps!

1 Like
31

It was an correct explanation to resolve doubts, Can you also guide where to mention Trading/Investments in US Stocks example Amazon, Meta, Google which are Traded outside India in USD but profit or Loss are reflected finally in INR.

Thanks in Advance

32

Hey @Nirav_Shah,

If you’re dealing with foreign stocks, the gains need to be reported under schedule FSI (Foreign source income) and you also need to report the holdings under schedule FA (Foreign assets).

I’ve written about this in detail. Do give it a read and let me know if you have any further doubts.

33

Hi @Shrutika_Shah @TeamQuicko
When will Virtual Digital Assets module be live on Quicko for AY 24-25 Tax Filing ?

34

Hey @harshulsinghal,

The feature is in pipeline, however, will not be available immediately. As an alternative, you can add rest of the details on Quicko, download the JSON file and use the Income tax utilities to add schedule VDA.