BitDroplet has Introduced Tax Shield
From the 1st of July, the TDS (Tax Deducted at Source) on crypto was introduced where we have to pay 1% TDS for buying or selling digital assets. As you can see below the image the TDS is simplified on who will pay the TDS whenever he or she is buying the Crypto from Fiat or converting the Crypto to Crypto.
PC: BitBNS.com
PC: BitBNS.com
As of now trading is not that profitable because you have to pay TDS on selling when using the FIAt or if you are doing crypto-to-crypto trading then you have to pay TDS for both buying and selling. As of now, I do not have a requirement to sell my crypto but if I sell, I have to pay 30% tax on the profit as well as 1% tax on TDS.
As of now, I am buying Bitcoin daily from FIAT using BitDroplet, so I am not paying any TDS as the Buyer is from India and using FIAT to convert it to crypto does not have to pay any TDS. But BitBNS has also shielded my TDS when I will sell it.
PC: BitDroplet.com
As you can see in the above mage I have the Tax Shield offer where if I continue investing for 12 months, the BitDroplet will refund me the TDS when I sell. This is good for people who want to hold long and when they sell they should get back their TDS back. I am planning to hold it for more than 12 months and continue investing in the goal. Hopefully, when I sell I will get my TDS back.
The initiative is good and it aims to remove the tax burden from the investors as well as encourage them to invest using systematic investment plans (SIP) to have the benefits of rupee cost averaging to counter the volatility in the crypto market. So yeah if the investors are availing of the SIP for a minimum of 12 months can invest without worrying about paying the TDS.
Crypto SIP is just like a SIP in mutual funds just that you are investing in crypto assets, where you invest a fixed amount in crypto at regular intervals. Now with these lucrative product opportunities, people will try to invest through TDS-free SIP plans using BitDroplet.
If you want to Start the SIP in Bitcoin then you can use my Referral of BitDroplet.
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The Sip is a good one.. now, one can invest for at least 12 months and have their TDS returned. I think anyone should be willing to take up this offer since it's benefiting in the long run.
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Thanks true
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