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KoinX @getkoinx
Joined April 2018
  • Tweets 13,738
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  • Followers 79,416
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KoinX
@getkoinx
Jan 29
Our Year-End Report for Indian Crypto Tax FY 2024–25 is now LIVE. We derived insights from ₹70,000 Cr in user trading volume. Here Are The Key Highlights: 1) KoinX users alone paid ₹130 Cr in crypto TDS (over 25% of India’s total). 2) ₹38.52 Cr was over-collected as TDS & had to be refunded to users. 3) Users made ₹2,861 Cr in profits. At 30% tax, that’s ~₹858 Cr in taxes. 4) With no loss adjustment allowed, users ended up owing ~ ₹1,170 Cr in tax. 5) ₹2,039 Cr of crypto losses got no tax relief at all. 1 in 5 traders tried futures, total losses (₹2,742 Cr) exceeded profits (₹2,492 Cr). 6) ₹51,252 Cr (nearly 72% of Indian crypto trading) moved offshore. 7) ₹208 Cr was earned without trading, via airdrops, staking, and rewards. Full Report👇 koinx.com/crypto-tax-insight…
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KoinX
@getkoinx
Jun 10
Here is how TDS actually works in filing: TDS deducted by Indian exchanges appears in Form 26AS and AIS You claim it back in your ITR Excess TDS becomes a refund.
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KoinX
@getkoinx
Jun 10
The real issue is not tax. It is tracking. Crypto activity creates: - Exchange logs - Bank trails - Wallet transfers If records are not maintained, filing becomes difficult.
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KoinX
@getkoinx
Jun 10
If you trade crypto: Take control now. - Track every transaction - Check AIS on Income Tax e-Filing Portal - File TDS using Form 26QE - Or use KoinX Ignoring TDS is not delay. It is non-compliance.
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KoinX
@getkoinx
Jun 10
A lot of crypto investors think: “If I don’t deal with TDS now, I’ll handle it during ITR.” That assumption can get expensive in India. Here’s what actually happens if you ignore crypto TDS obligations 🧵
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KoinX
@getkoinx
Jun 10
Another misconception: “I made losses, so TDS does not matter.” Incorrect. TDS applies to transactions, not profitability. You can: Be in loss AND Still have TDS compliance obligations
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KoinX
@getkoinx
Jun 10
Ignore this? Penalty is mandatory. Under Section 271C, 100% of the TDS not deducted can be charged. If TDS is deducted but not deposited, Section 276B allows prosecution, with imprisonment up to 2 years plus fine.
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KoinX
@getkoinx
Jun 10
Under Section 194S, The buyer is legally required to: - Deduct TDS - Deposit it with the government - File it using Form 26QE within 30 days of month-end There is no platform exemption.
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KoinX
@getkoinx
Jun 10
Now the critical part: If you trade on: - Foreign exchanges - P2P - Decentralized platforms TDS is usually not deducted automatically. That does not remove the obligation.
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KoinX
@getkoinx
Jun 10
Now scale this. 50 trades a month 100 trades TDS applies on each transaction. For active traders, This directly impacts capital available for trading.
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KoinX
@getkoinx
Jun 10
TDS is calculated on the total transaction value. Not profit. Example: You sell crypto worth ₹2,00,000 TDS = ₹2,000 Even if your profit is low or negative.
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KoinX
@getkoinx
Jun 10
First, clarity: TDS is not the same as crypto tax. In India: 30% tax under Section 115BBH is on gains 1% TDS under Section 194S is on transactions Different purpose. Different calculation. Different consequences.
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You know what time it is? It's taxxinn time . . . . #KoinX #CryptoTaxes #ITR #TaxSeason #IndianTaxes
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Everything you've read about crypto taxes online. And what the law actually says. The gap is bigger than you think. 🧵
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India’s crypto tax system has created a new reality: People are not confused about crypto. They are confused about the taxes around crypto. And that confusion is now a real risk 🧵
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Two types of users now: • Those tracking every transaction • Those assuming exchanges handle everything The second group is at higher compliance risk.
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If you invest in crypto, do this: • Identify taxable events • Track every transaction • Check AIS on Income Tax e-Filing Portal • Use tools like KoinX to track withdrawal trades (note: destination of withdrawals cannot be tracked) For bank & credit card integration, explore KoinX Books Clarity is not optional. It is part of investing now.
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