Crypto CA | General Counsel (Crypto) | Let me help you save Crypto Tax & file Crypto ITR 👉 Email: [email protected] or Office WhatsApp +91 9019225070
Bengaluru, India
Joined May 2021
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🚨 BREAKING: Income Tax Bill 2025: Crypto = DRUGS? 🤯
I read the 4,500pg Report by "Select Committee on ITB 2025" so that you don't have to!
Crypto Tax Updates in this 🧵
1️⃣ Proposal by Experts & BWA
2️⃣ Comments by Committee
3️⃣ Ministry of Finance - Crypto and Drugs
1/6
CA Sonu Jain (Crypto Tax Expert) retweeted
🧵BREAKING: ED raids Mudrex & InstaDapp offices.
The ED conducted searches for crypto-based FEMA violations of approx. 1K Cr+💰
🇮🇳 crypto investors need to understand something: Using Crypto to move money across borders is Gray area.
Let’s understand what this means for you?
CA Sonu Jain (Crypto Tax Expert) retweeted
Did you know? 💡
Kim Jong Un & North Korea 🇰🇵 would have paid had to pay 30% Crypto Tax to Tai* 🙊😂
Crypto received: $6 Billion 😭
Crypto Tax paid to Tai: $2.34 Billion 💰
IT Dept will shortly issue notice to Kim. Else, he will be in Jail.
PS: this is satire. Sunday blues.😂
Did you know? 💡
Kim Jong Un & North Korea 🇰🇵 would have paid had to pay 30% Crypto Tax to Tai* 🙊😂
Crypto received: $6 Billion 😭
Crypto Tax paid to Tai: $2.34 Billion 💰
IT Dept will shortly issue notice to Kim. Else, he will be in Jail.
PS: this is satire. Sunday blues.😂
🧵BREAKING: ED raids Mudrex & InstaDapp offices.
The ED conducted searches for crypto-based FEMA violations of approx. 1K Cr+💰
🇮🇳 crypto investors need to understand something: Using Crypto to move money across borders is Gray area.
Let’s understand what this means for you?
One final point ⏰
India's crypto taxation framework and its foreign exchange regulations address "different questions".
Paying tax on your crypto gains does not automatically make every cross-border transaction compliant with FEMA.
Similarly, a transaction's permissibility under FEMA does not mean that its tax consequences can be ignored.
Tax compliance and FEMA compliance are separate considerations.
It is not about the bribes at all. Operating in Gray area has consequences, mudrex knew of this.
Touching cross-border funds esp. those hitting Indian shores always meant that this was coming.
No point digging on the Regulators. Rupee is suffering.
jfc, this is scary as hell
and for what? building really unique and genuinely innovative products?
i know 20 fraudsters myself who live on govt loans, do large scale scams with public funds and all but there ed can't raid because protected by top brass of politicians
i have known mudrex and fluid products and their founders have really the best intent at heart
the mistake they made was that they wanted to build things while being in india
and probably that they never paid right bribes to right people
Very poor move by CoinDCX.
Indian Investors are taken for a ride by every exchange.
Result of Indian govt’s lack of regulation.
CoinDCX finally admitted the $16M loss
But the crazy part is it took them 3 days to admit it. On day 1, the CEO called it a rumour and said none of their addresses were affected.
Kinda funny how they think the community is fool and they can fool us this easily
I'll say it again, withdraw every single penny from these shady, low-tier exchanges.
Don't wait, if you love your money
CA Sonu Jain (Crypto Tax Expert) retweeted
The worst kind of influencers are those who promote another exchange when one gets hacked.
Yesterday, Zach highlighted that CoinDCX is lying about $15M+ funds.
CoinDCX first denied it then later accepted it after 20 hours. 😱
But this was not the worst part.
The worst part was that 50% influencers were defending CoinDCX even after knowing the reality, saying oooo nothing happened nothing happened all good all good.
And the other 50% were promoting another exchange, saying oooo CoinDCX got hacked so now deposit in this exchange because this is 100% safe and best.
This is not the first time.
When Bybit got hacked they promoted another exchange.
When BingX got hacked they promoted another.
When Bitget got hacked they promoted another.
Look, as creators we all collaborate with exchanges but at least have the guts to say:
No exchange is 100% safe, so it's better to take custody of your funds on your own and if you want another exchange to use, here's a list of some good exchanges.
But unfortunately not even 1% of creators openly say this.
Indian crypto users are cooked 😱
Govt. take 30% flat without loss set-off no matter if you're in net loss ; you need to pay 30% on profit side and govt doesn't care about your loss.
Not a single trustworthy exchange is there to convert USDT to INR or trade on.
Either they got hacked or they hide things and not transparent enough.
We've millions of people invested in crypto but all are silently watching unfortunately.
