Budget in 2 days
In India, the budget for the influential year is going to be released on Feb 1st. This is called the Union budget and every year on the first of February this is shared with the public by the Financial Minister and now we are just two days away from the event. Budget is something that we all should know because it plays an important role in our lives. We are impacted directly or indirectly so if something good is introduced then it is going to help us and if not then the reverse effect can also be seen.
Many things are expected in this year's budget in India and if I talk about the crypto community then tax reduction is highly expected. Currently, the tax arrangement is very difficult for the crypto traders and investors in the country because it is thirty per cent without any slab. We also cannot set off the loss if in case we have because as per the government, we just need to pay the taxes on the income and if in case of loss then tax is not payable but that can also not be adjusted against the overall income. TDS is 1% is also applicable on all trades which is a very high percentage and this should also be reduced.
Govt wants to track all the transactions through the TDS but this can also be done with the minimum percentage so that traders can perform multiple trades without worrying about reductions on their capital. Hopefully, things will be considered by the government but there is no update on this and this is why the community is keeping an eye open to see how things will be shared in the Union budget upcoming on the first of February.
Many things will be introduced in these budgets as per the Govt because there will be elections in the next quarter and probably the government will be trying to bring something favourable for the people so that they come into power again. Let's see how it will be because the surprise will be unfolded in just two days.
Thanks