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Hello Tribe! 👋
While being a part of the crypto industry, it’s great to witness crypto laws and regulations shaping up, but, at the same time, it can be a little intimidating. We totally understand this, and to help you, we have partnered with TaxNodes, a trusted crypto taxation and ITR-filing platform. As a part of this collaboration, we bring you the “Learn and Earn” campaign. All you need to do is answer a few questions, and 1000 LUCKY winners who participate in the quiz will randomly (based on performance) receive discounted TaxNodes services or Amazon vouchers.
Read till the end for detailed information.
Let’s get started!
About the campaign
All you need to do is read this blog carefully, answer ten easy questions, and sign up on TaxNodes. 1000 LUCKY winners will be chosen randomly (based on performance) and will be eligible to get discounted TaxNodes services (more details in the following sections!) or Amazon vouchers. (Interesting, right?)
Launched in 2022, TaxNodes is a crypto taxation and ITR-filing platform where they help crypto traders and investors calculate, evaluate, and file their crypto gains and taxes accurately.
The team at TaxNodes knows how challenging it can be when it comes to calculating and paying taxes, especially when there is crypto income. Therefore, they have created a cutting-edge platform that streamlines tax calculations and income tax filings for you.
Joining hands with TaxNodes will make your struggles disappear, and you won’t find yourself confused and overwhelmed with all the newly introduced rules and regulations.
TaxNodes’ mission is to provide their clients with exceptional tax computation and ITR filing services.
#1 Easy crypto tax calculation
The easy-to-use platform simplifies crypto tax calculation for people by generating tax reports. All the tax reports are 99.4%+ accurate.
Key features of crypto Tax Computation
- Wallet Integration
- Transaction Import
- Automated Calculation
- Reports Generation
#2 Simplified ITR Filing
The expert-assisted ITR filing service is tailor-made depending on your specific needs. You can connect with TaxNodes’ expert CAs to file your taxes and get support in tax audit facilitation.
Key features of ITR Filing
- A review of your tax situation
- Preparing your tax returns
- Dedicated assistance
- Document storage
- Tax planning
#3 Get bespoke tax-advisory
You can get your tax queries and reconciliation done by crypto and tax experts at TaxNodes, who will provide customized assistance.
So, this was about TaxNodes. Let’s now have an overview of crypto tax in India.
When did it all start?
Before 2022, the Government of India had no official stance on the categorization of crypto assets or the subsequent taxation of Bitcoin and other cryptos. However, for the very first time in 2022, the Indian Government officially recognized cryptos in India by classifying them as Virtual Digital Assets (VDAs) and establishing a taxation framework for VDAs (including crypto and NFTs.)
What is Crypto – Currency or Asset?
Cryptos and NFTs are classified as “Virtual Digital Assets,” and Section 2 (47A) of the Income Tax Act was added to define them. Although the definition is quite comprehensive, it primarily refers to any information, code, number, or token generated by cryptographic means that’s not an Indian Rupee or a foreign fiat currency. In simple words, VDAs refer to all kinds of assets, including NFTs, tokens, and cryptos.
Which crypto transactions are liable to be taxed in India?
If you carry out any of the following transactions, you’ll have to pay tax:
- Trading: Profits made from trading cryptos are taxed at a rate of 30% (plus applicable surcharge and cess).
- Selling: Profits made from selling cryptos are taxed at the same rate of 30%.
- Gifting: When cryptos are gifted, the recipient is liable to pay tax on the gift’s fair market value at the time of receipt.
Although the 30% tax rate is applicable in most cases, various events in the crypto lifecycle will be taxed differently. Generally, all such transactions will be taxed at the individual’s tax slab rates.
Now, What’s next?
How can you earn the reward?
To earn rewards from this Learn & Earn campaign, all you need to do is follow the steps given below.
Step 1: Answer 10 simple questions related to TaxNodes and Crypto Tax.
Step 2: Sign Up on TaxNodes here
Step 3: Become a registered user of TaxNodes and WazirX.
That’s it! That’s all you have to do.
1000 LUCKY winners will be chosen randomly (based on performance) and rewarded with discounts/FREE TaxNodes services/Amazon vouchers during the campaign period, i.e., 18th May 12 PM – 25th May 11:59 PM IST.
NOTE: To be eligible for rewards, you must be a registered user of WazirX with your KYC verified and must be signed up on TaxNodes.
About the reward
Rewards are complementary when it comes to contests. So, after you finish the quiz and Sign up on TaxNodes, 1000 LUCKY random winners will be chosen, and they will get their share of rewards. Check the table below for detailed information.
|1||INR 10,000 worth of TaxNodes services|
|2||INR 6,000 worth of TaxNodes services|
|3||INR 5,000 worth of TaxNodes services|
|4 – 500||INR 500 discount on TaxNodes services|
|501 – 1000||INR 150 worth of Amazon voucher|
Terms & Conditions
- Only KYC-verified users of WazirX are eligible for a reward.
- Users must sign up on TaxNodes to be eligible to claim the reward.
- Rewards are limited and will be distributed randomly. Users are eligible for the reward after completing the quiz and registering on TaxNodes during the campaign period, i.e., 18th May 12 PM – 25th May 11:59 PM IST.
- Rewards will only be distributed to those random learners who have passed the quiz and signed up on TaxNodes.
- Prizes will be distributed by 12th June 2023.
- Rewards are sponsored and distributed by the TaxNodes team.
- WazirX is not obligated to pay any tax in conjunction with the distribution or use of any reward.
- WazirX has the right to reverse the funds in case any suspicious activity is detected/suspected without any prior notice.
- Rewards are void if restricted or prohibited by law.
- WazirX reserves the right in its sole discretion to amend or cancel the giveaway rules and announcement at any time and for any reason without prior notice.