Indian Govt. has finally decided to levy taxes on Crypto Currency. In the recent union budget the government proposed a tax rate @ 30% on income from sale of digital assets. If you want to know the exact amount of tax to be paid on your transactions, TheCoinMirror's crypto tax calculator will help you out with that.

We have developed this easy to use app that allows you to calculate gross as well as net profit alongside amount of tax payable to Indian Government.

What is the Tax on Cryptocurrency in India?

Cryptocurrencies will be taxed from financial year 2022-23. The Indian government proposes and unveiled a tax of 30% on the sale of crypto assets. Any Income from the transfer of any virtual digital asset shall be taxed at rate of 30%. No deductions and exemptions allowed.

Among the rules for the tax treatment, cryptocurrencies to NFTs, all ‘virtual digital assets’ will fall under a tax bracket of 30% which is at par with the highest income tax slab applicable to individuals with an income in excess of ₹15 lakh per annum. As per the standard income tax rules, the gains on crypto transactions, fell either under ‘business income’ or ‘capital gains’ and the classification depend on the nature of the transactions and the tenure. Moreover losses from the sale of crypto assets cannot be set off against any other income, and digital asset gifts will be taxed in the hands of the recipient.

How to calculate tax payable on Crypto in India?

Since the cryptocurrency is not yet legalized in India by the Apex banking authority, Reserve Bank of India (RBI), it cannot get away from taxability. Any investor who earns profits from the sale of cryptocurrency has to pay income tax. If you are looking for a way to calculate payable tax on sale of crypto, the tax calculator designed and developed by TheCoinMirror is what you need.
You can easily calculate the tax amount which you must pay to the government against the profit earned on the sale of cryptocurrencies. Here’s how the crypto tax calculator works.

How TheCoinMirror Crypto Tax Calculator for India works?

TheCoinMirror instantly tells you the amount of tax payable. You just have to type in the Purchase Value and the Selling Price of the coin you have traded. It will then access the Gross Profit on the sale of your cryptocurrency and automatically calculate the Estimated Tax amount to be paid. Not only that you will also get to see the Net Profit on the screen.

That way you can calculate profit before and after the tax amount deductible. So let’s try it and get the profit and tax figures here on your fingertips.