by Aratrika Dutta
April 4, 2022
From April 1, 2022, income from the transfer of virtual digital assets or cryptocurrencies is taxable at 30%
Several income tax proposals, including a 30% tax on income from trade in cryptocurrencies will come into effect today. From April 1, 2022, income from the transfer of virtual digital assets or cryptocurrencies is taxable at 30%. Such income will be taxable even if taxpayers’ total income is below the threshold limit of Rs 2.50 lakh. Further, unlike in other asset classes like equities, retail investors will not be able to set off losses incurred against cryptocurrencies, claim expenses or acquisition costs, or benefit from a reduced slab for long-term capital gains under the new tax regime. On that note, this article lists the top cryptocurrencies to sell and repurchase during Indian taxation.
Bitcoin continues to enjoy the advantage of being the first cryptocurrency. People are rapidly investing in Bitcoin more than any other digital coin, mainly because it’s been around longer. Bitcoin is even viewed by some crypto investors as a good hedge against inflation since there will never be more than 21 million Bitcoin tokens in circulation. Bitcoin is surely one of the top cryptocurrencies to sell and repurchase during Indian Taxation.
Ethereum has a lot of future potentials as its blockchain supports smart contracts that can be used in a wide range of applications. In particular, Ethereum is well-suited for creating non-fungible tokens (NFTs). Whether or not the cryptocurrency knocks Bitcoin out of the top spot in the future, Ethereum appears to be in a good position to stand the test of time and to sell and repurchase during Indian Taxation.
Tether is gaining a lot of traction lately. Among stable coins, Tether takes the top spot. All stable coins tie their value to another asset. The U.S. Treasury Department recently called on Congress to take action to address the risks that could be posed to the economy by stable coins such as Tether. It is one of the best cryptocurrencies to sell and repurchase during Indian Taxation.
Solana is one of the most popular cryptocurrencies and it has been the biggest winner of these top cryptocurrencies over the last year with a gain of well over 10,000%. Many crypto investors have flocked to Solana as an alternative to Ethereum. Both blockchains support smart contracts.
Over the past few years, Binance Coin has emerged as a major replacement for Bitcoin and Ethereum. It is the native cryptocurrency of the largest crypto exchange, Binance. It does not just compete with BTC and ETH on Reddit; rather it also stands as the fourth-largest cryptocurrency by market capitalization. It is one of the best cryptocurrencies Indians can afford with 30% taxation.
Shiba Inu has also occupied a remarkable place among Redditers. Created in 2020 after the success of Dogecoin, Shiba Inu managed to enter the top 10 list briefly in 2021. It even outperformed DOGE for a while. Many crypto investors believe that Shiba Inu has a lot of future potentials and it is one of the top cryptocurrencies to sell and repurchase during Indian Taxation.
Since its inception in 2014, Stellar has made steady progress. Initially, it was directed to impress people who were tired of the banking system. It eventually grew to help fintech platforms connect through the trailblazing blockchain technology.
Avalanche is doing well in the crypto market these days. It is the fastest smart contracts platform in the blockchain industry. Avalanche is extremely agile, has low transaction fees, and is also environmentally sustainable. The AVAX token is hard-capped and can be used as a model for conducting payments. It is one of the best cryptocurrencies to sell and repurchase during Indian Taxation.
The Cardano network has a smaller footprint, which is appealing to investors for several reasons. It takes less energy to complete a transaction with Cardano than with a larger network like Bitcoin. This means transactions are faster and cheaper. Last year, Cardano launched a “hard fork,” an upgrade that increased functionality in this case, enabling smart contract deployment.
Terra is a blockchain payment platform for stablecoins that relies on keeping a balance between two types of cryptocurrencies. Terra-backed stablecoins, such as TerraUSD, are tied to the value of physical currencies. Their counterweight, Luna, powers the Terra platform and is used to mint more Terra stablecoins. It is one of the best cryptocurrencies to sell and repurchase during Indian Taxation.
Disclaimer: The information posted in the article is for educational purpose only. By using this, you agree that the information does not constitute any investment or financial advice. Do conduct your own research and reach out to financial advisors before making any investment decisions.
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