AskMe Anything about cryptocurrency

[sundernarwat]

Hello Guys,
I am an regular crypto investor researcher and investing since 2017,
if you guys want to ask something, i will be happy to provide true answer based on my practical experience

 

[arjungoyal12]

What might be the best platform for Crypto Investing and right now which is best one to invest?

 

[sundernarwat]

What might be the best platform for Crypto Investing and right now which is best one to invest?

Some best Indian platforms or exchanges for Crypto Investing are WazirX, CoinDCX, BitBns, CoinSwitch, Unocoin
You can try all as per your comfort

Note: Crypto investing is highly risky, you can loose all your funds due to many reasons, so before investing do you research properly

 

[SanthoshSomu]

Can you explain about your Crypto portfolio?
How much returns in the last 6 years?
How are you managing taxes for Crypto?

 

[sundernarwat]

About My Crypto portfolio - Current Crypto Projects Portfolio Consists of - BlueChip Projects || Mid Caps || Low Caps || Very Very Low Caps (Experimental)

Portfolio Returns

My Portfolio Value Remains very volatile, because crypto prices are very volatile in nature,
Overall portfolio In Jan 24 is up by 28% on Invested Capital, i am able to look good gains in next two years (2024 and 2025)

2017 Return was positive almost 100% - never cash out due to greed factor
2018 Return was negative almost -50/60% - not sold anything, Invested very less amount, and started learning about crypto industry
2019 Return was negative almost -90/95% - not sold anything, Invested less amount, learning phase
2020 Return were positive but i was overall negative -30% - not sold anything, Investment amount increased, tried day trading also at this time
2021 Return were positive, i was overall up by almost 200% - Took some profits to invest in new projects
2022 Return were negative almost -50/60%, not sold anything, Investment plan implemented
2023 Return were positive almost by 35 to 40 %, not sold anything, Investing as per my investment plans
2024 Looking for good gains, and will do portfolio adjustment
2025 Looking to take some profits to reinvest on other crypto projects

Note - Return percentages are rough idea, because at that time i was not tracking with portfolio trackers, i was doing manual calculation at year ends, from 2021 data is by portfolio trackers


Tax Management

When ITR Filling Month Came, My CA Team Ask me about my Income and Expense Entries and they feed these in ITR Portal, the ITR system auto calculate taxes based on income slabs

FY 2223 ITR was little complex for me, because now TDS is applicable on selling cryptos and I have to provide all project wise Buy and Sell transaction details to CA, then they calculated profits and losses based on ITR Portal.


Note - Crypto Investing is highly risky, investor can loose his all money, before investing do research properly or get consultation from Financial Advisers

 

[sundernarwat]

Can you explain about your Crypto portfolio?
How much returns in the last 6 years?
How are you managing taxes for Crypto?

About My Crypto portfolio - Current Crypto Projects Portfolio Consists of - BlueChip Projects || Mid Caps || Low Caps || Very Very Low Caps (Experimental)

Portfolio Returns

My Portfolio Value Remains very volatile, because crypto prices are very volatile in nature,
Overall portfolio In Jan 24 is up by 28% on Invested Capital, i am able to look good gains in next two years (2024 and 2025)

2017 Return was positive almost 100% - never cash out due to greed factor
2018 Return was negative almost -50/60% - not sold anything, Invested very less amount, and started learning about crypto industry
2019 Return was negative almost -90/95% - not sold anything, Invested less amount, learning phase
2020 Return were positive but i was overall negative -30% - not sold anything, Investment amount increased, tried day trading also at this time
2021 Return were positive, i was overall up by almost 200% - Took some profits to invest in new projects
2022 Return were negative almost -50/60%, not sold anything, Investment plan implemented
2023 Return were positive almost by 35 to 40 %, not sold anything, Investing as per my investment plans
2024 Looking for good gains, and will do portfolio adjustment
2025 Looking to take some profits to reinvest on other crypto projects

Note - Return percentages are rough idea, because at that time i was not tracking with portfolio trackers, i was doing manual calculation at year ends, from 2021 data is by portfolio trackers

Tax Management

When ITR Filling Month Came, My CA Team Ask me about my Income and Expense Entries and they feed these in ITR Portal, the ITR system auto calculate taxes based on income slabs

FY 2223 ITR was little complex for me, because now TDS is applicable on selling cryptos and I have to provide all project wise Buy and Sell transaction details to CA, then they calculated profits and losses based on ITR Portal.

Note - Crypto Investing is highly risky, investor can loose his all money, before investing do research properly or get consultation from Financial Advisers

 

[santanu47493]

i have question why you pay tds whenever you can use p2p to get all money without tax tds etccc

 

[sundernarwat]

i have question why you pay tds whenever you can use p2p to get all money without tax tds etccc

If you are using or trying to use P2P outside of an crypto exchange then TDS deduction is totally depends on other side peer (Sending Peer), if he want to follow rules, he may ask for PAN card and deduct TDS and pay to government

if you are using Indian crypto exchange system for P2P transaction, they they will deduct TDS, because they have follow all tax rules, as per rule if you are sending crypto to someone and getting Cash in return, then it is considered as Selling Transaction

Note: Few things are still not clarified by governments, because crypto related transactions are still in early phase, governments are still understanding nature and providing or making new rules.

 

[Vardan]

Hello Guys,
I am an regular crypto investor researcher and investing since 2017,
if you guys want to ask something, i will be happy to provide true answer based on my practical experience

Hey sir
I would like to kn which broker is the best to buy and sell crypto and all so while selling do they cut tax over there or we should fill it by our own ?

 

[sundernarwat]

Hey sir
I would like to kn which broker is the best to buy and sell crypto and all so while selling do they cut tax over there or we should fill it by our own ?

I am personally using BITBNS Exchange from last 5 to 6 years, but i am not satisfied with them from last 3 Years, they allow buy and sell, but not allowing to transfer funds to bank account, my funds are stuck on exchange, and same i am hearing about other indian exchanges,

but still CoinDcx exchange has some good reviews and many good crypto projects

you also have to do research about Indian exchanges

All exchanges deduct taxes as per government rules.

 

[Maaz Shaikh]

Nowadays most circuling crypto in social media is Blockdag, they are so much spending in advertising. Any thoughts regarding its authenticity or it's another scam in making?

 

[Vardan]

I am personally using BITBNS Exchange from last 5 to 6 years, but i am not satisfied with them from last 3 Years, they allow buy and sell, but not allowing to transfer funds to bank account, my funds are stuck on exchange, and same i am hearing about other indian exchanges,

but still CoinDcx exchange has some good reviews and many good crypto projects

you also have to do research about Indian exchanges

All exchanges deduct taxes as per government rules.

tq so much sir

 

[abhisheksingh]

If you are using or trying to use P2P outside of an crypto exchange then TDS deduction is totally depends on other side peer (Sending Peer), if he want to follow rules, he may ask for PAN card and deduct TDS and pay to government

if you are using Indian crypto exchange system for P2P transaction, they they will deduct TDS, because they have follow all tax rules, as per rule if you are sending crypto to someone and getting Cash in return, then it is considered as Selling Transaction

Note: Few things are still not clarified by governments, because crypto related transactions are still in early phase, governments are still understanding nature and providing or making new rules.

I'm using Binance for my crypto investments. Let's say I sell my crypto using P2P, and the person who bought my crypto sends me money via UPI/ net banking and doesn't deduct TDS (and pay to the government) like you mentioned, in that case, am I liable to pay tax on it? In other words, will the government ever come to know about it?

 

[santanu47493]

I'm using Binance for my crypto investments. Let's say I sell my crypto using P2P, and the person who bought my crypto sends me money via UPI/ net banking and doesn't deduct TDS (and pay to the government) like you mentioned, in that case, am I liable to pay tax on it? In other words, will the government ever come to know about it?

Sir personally I am using binance okx kucoin all international exchange for now only kucoin share his data and deduction of 1% tds go to govt but kucoin also return 1% to you so you have no loss also all other exchange don't share their data to govt for now

 

[abhisheksingh]

Sir personally I am using binance okx kucoin all international exchange for now only kucoin share his data and deduction of 1% tds go to govt but kucoin also return 1% to you so you have no loss also all other exchange don't share their data to govt for now

Okay, and what about the 30% tax on sell transactions in case of P2P? Do you have to pay that, or can you evade that, and the government will never find out?

 

[sundernarwat]

Nowadays most circuling crypto in social media is Blockdag, they are so much spending in advertising. Any thoughts regarding its authenticity or it's another scam in making?

i have not heard of it from authentic people in crypto space, the project may be in very early stage or just trying to get people onboard and get exit on their tokens,

Note: Invest after doing very deep research on these type of projects

 

[sundernarwat]

Okay, and what about the 30% tax on sell transactions in case of P2P? Do you have to pay that, or can you evade that, and the government will never find out?

30% tax is only payable on profitable sell trades,

you should pay taxes, as opposite party may declare transaction details to tax portal against your PAN Card

for more details you have to consult to CA for more clarifications.

 

[sundernarwat]

I'm using Binance for my crypto investments. Let's say I sell my crypto using P2P, and the person who bought my crypto sends me money via UPI/ net banking and doesn't deduct TDS (and pay to the government) like you mentioned, in that case, am I liable to pay tax on it? In other words, will the government ever come to know about it?

Binance will soon share all users transactions data with the Indian Government, and you should be aware that every transaction on blockchain is easily traceable, so don't try to evade from taxes, there are lot of methods available to track these transactions,

On every profitable crypto trade, you are liable to pay 30% tax, it does not matter how to sell those assets, "on exchange or P2P", tax liability is there.

 

[abhisheksingh]

Binance will soon share all users transactions data with the Indian Government, and you should be aware that every transaction on blockchain is easily traceable, so don't try to evade from taxes, there are lot of methods available to track these transactions,

On every profitable crypto trade, you are liable to pay 30% tax, it does not matter how to sell those assets, "on exchange or P2P", tax liability is there.

Okay, thanks for the clarification!