2024-08-19 22:29:50
New Delhi: An auto driver in Bengaluru has created a stir on social media by putting a notice in his auto. In this, he has said that he will accept payments in cryptocurrency. While this incident has surprised some people, some people are reminding of the 30 percent tax imposed by the government on crypto transactions. This incident came to light when an x user named Garima Sharma shared a picture of the auto driver’s auto. In the picture, a paper is seen pasted on the glass of the auto. It is written on it, ‘We accept cryptocurrency.’ While sharing the picture, Garima wrote, ‘This brother is changing faster than most educated Indians.’
Different reactions came from people
Many x users have given funny reactions to this post. One user wrote, ‘He must be participating in the Web3 Hackathon as well.’ Another user wrote, ‘This brother knows more about Web3 than me.’ One user even jokingly asked, ‘Can I pay with Meme Coin?’
However, some users also took this opportunity to remind that any income from the transfer of crypto assets is taxed at 30 percent. One user wrote, ‘And the Finance Minister says pay 30 percent tax…’
What do industry experts say about cryptocurrency?
This new tax provision has come into effect from April 2022. Apart from this, 1 percent tax deduction at source (TDS) is also applicable on every such transaction. Industry experts believe that the introduction of crypto tax was a positive step which reflects India’s progressive approach. But, now the time has come for the government to give the crypto industry the same status as other industries.
They are also demanding the government to resolve the issue of legality of cryptocurrency and its parity with other assets. One of the major advantages of investing in traditional assets like shares, gold and bonds is that losses incurred in one asset during a particular year can be adjusted against gains in another asset and un-adjusted losses can be carried forward for future adjustments. But, losses incurred from crypto assets cannot be adjusted against gains from another crypto asset. Carry forward of losses is not allowed.
This incident is an example of how new technologies are rapidly making their way into the lives of common people. However, it is also important that the rules and regulations set by the government are followed.