Pre-budget report 2023Last year, when Treasury Secretary Sitaraman submitted the federal budget, it was surprising due to the enhancement of a new tax collection. A high tax of 30% is levied on all proceeds from the sale of Indian login passwords. In order to alleviate this, the password community has some expectations for the 2023 budget.

The application of securities as the tax rate and set-off preference for the asset class-and the application of VDA as the appropriate asset class tax rate and set-off preference-should also apply to encrypted assets.

According to the risk they carry, securities are classified as an asset class. From low-risk government debt to high-risk derivatives, there are franchise projects. Therefore, VDA should be properly regulated so that investors can really understand the risks involved and make investment decisions accordingly.

Abolish the high tax on data encryption

Many people think that paying taxes on virtual digital currencies is a good starting point. The main reason is that it makes digital currency investors believe that the government has already seriously completed this asset class. The tax rate at this stage is 30%, which is a little high. We expect the government to reduce income tax rates in the 2023 budget.

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Experts point out that the tax payment of digital currency is still in its infancy not only in India, but also in the world, and will develop over time. Although laws and regulations are established in many ways, login password units are still looking for responses in many areas. Investors estimate that there will be some tax predictability in addition to the tax relief for login passwords.

The government should also pay attention to abolishing or reducing the TDS tax rate by at least 1 per cent.

When the TDS mission was announced, everyone recognized and praised the government's unremitting efforts to track and regulate the sale and purchase of VDA.

Said Sumit Gupta, co-founder and CEO of CoinDCX.

He referred to their explicit comments to the government because they were government partners and partners who diligently understood and regulated the VDA ecosystem.

In particular, through our presentation of the upcoming federal budget for 2023-2024, it is generally recommended that the TDS rate be reduced to 0.01 per cent. This relatively low interest rate will help India's VDA to offer competitive prices to India's VDA customers and protect them from the impact of unregulated foreign exchange.

Looking forward to screening VDA

In response to what digital currency has in common with relatively high levels of foreign exchange speculation such as gambling, gambling and other similar activities, a 30 per cent entry threshold has been established. VDA is more like stock trading when it comes to clearly defined asset ownership and use rights, as well as sufficient liquidity trading within the system. The current tax structure will only hinder responsible traders from buying and selling transactions.

There is uncertainty about whether it is possible to offset the loss of one password and the profit of another login password. Although it is understandable that the loss caused by data encryption cannot be offset by any other benefits, it needs to be offset by reason and respond to it.

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