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India, a country with a rich history of technological innovation and entrepreneurship, has recently seen the rise of its first crypto-billionaire. This individual is a key figure in the development of Ethereum's scalability solutions, specifically through the creation and growth of Polygon (formerly known as Matic Network), a Layer-2 scaling solution for Ethereum. Polygon has become instrumental in addressing Ethereum's scalability issues, making blockchain technology more accessible and practical for widespread use.

The Rise of Polygon and Its Founders 📈

Polygon was co-founded by three Indian entrepreneurs: **Jaynti Kanani**, **Sandeep Nailwal**, and **Anurag Arjun**. Among them, Sandeep Nailwal has emerged as a prominent figure in the global crypto community, often credited with helping to drive the project to its current level of success. Nailwal, along with his co-founders, identified the critical challenges facing Ethereum, particularly its high transaction fees and slow processing times, which were hindering the mass adoption of decentralized applications (dApps).

To solve these issues, Polygon was developed as a Layer-2 solution that uses sidechains for off-chain computation, which helps to significantly reduce the load on the Ethereum network. This innovation has not only made transactions faster and cheaper but also attracted numerous projects to the Polygon network, contributing to its rapid growth and success.

Sandeep Nailwal: The Visionary Leader 🌟
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Sandeep Nailwal's journey from a tech enthusiast in India to a global crypto-billionaire is nothing short of inspirational. After graduating with an engineering degree and working in various tech roles, Nailwal co-founded Polygon with the vision of making Ethereum more scalable and efficient. His strategic leadership and technical acumen have been crucial in steering Polygon to its current status as a leading Ethereum scaling solution, now valued in the billions.

Under his guidance, Polygon has secured partnerships with major projects in the blockchain space and has become a critical infrastructure piece for the Ethereum network, enabling it to handle thousands of transactions per second at a fraction of the cost.

The Impact on the Global Crypto Scene 🌐

Polygon’s success has not only catapulted its founders into the global spotlight but has also positioned India as a significant player in the global cryptocurrency and blockchain ecosystem. The project has demonstrated that innovation can come from anywhere in the world, and it has inspired a new generation of entrepreneurs in India and beyond to explore opportunities in the rapidly evolving crypto space.

Sandeep Nailwal’s success story as India’s first crypto-billionaire highlights the transformative potential of blockchain technology and the importance of solving real-world problems through innovation. As Polygon continues to evolve and expand its offerings, it remains a key player in the ongoing development of Ethereum and the broader decentralized economy.

Conclusion: Sandeep Nailwal, along with his co-founders, has made a lasting impact on the crypto world by addressing one of Ethereum’s most pressing challenges. As India's first crypto-billionaire, he serves as a beacon of what's possible in the intersection of technology and finance, marking a significant milestone for India's role in the global crypto revolution.

For more detailed insights into Sandeep Nailwal's journey and Polygon's development, you can explore his interviews and articles on various blockchain-focused platforms.
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Letters sent out to the finance ministry last month by Bharat Web3 Association and CoinDCX highlighted concerns over the 30 percent VDA tax burdening small Web3 and crypto businesses and the need for a level playing field by bringing offshore exchanges under TDS regulations.This comes at a time when the Indian crypto sector has already started seeing some regulatory green shoots, with the finance ministry sending show-cause notices to offshore exchanges, which are not registered with the Financial Intelligence Unit-India (FIU-IND), and blocking their URLs.BWA’s current members include infrastructure providers such as Polygon and Biconomy; crypto exchanges such as CoinDCX and CoinSwitch; virtual gaming platform Hike; and other Web3 players such as Liminal and Tax Nodes.According to a note accessed by Moneycontrol, BWA’s asks include “reduction in the rate of TDS on transfer of VDAs (virtual digital assets) to 0.01% from 1%; specifically including foreign exchanges in the scope of TDS, and reexamining the flat rate of 30% applicable to income from the transfer of VDAs.”The note also said the existing taxation framework has “not achieved the intended purpose of enabling VDA transactions to be monitored.”—————🇮🇳JUST IN: Indian Finance Minister has announced that there will be no changes indirect or indirect taxes.Follow#Crypto scenario in India:Flat 30% TAX1% TDSNo set off for losses#CryptoTaxReform #indiaceyptotax #CryptoTaxIndia #indiaceyptotax #TrendingTopic

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The chief economic advisor of India wants regulators to promote revolution in the cryptocurrency sector at the time of upholding transparency and accountability.
Moving forward, he highlighted the significance of transparency mentioning that regulators should not be afraid of sharing information and ensuring their actions line up with the societal goals.
The policy paper clarifying crypto’s standing is continuously been delayed as the country has changed its resources towards making and testing the central bank digital currency. 
The new governor of the Reserve Bank of India, Sanjay Malhotra attended his first press conference on  December 11, in which he said that the central bank will continue its continuity and stability in policy matters, but highlighted the need to remain “alert and agile” in terms of the existing global economic and political environment. 
In his first interaction, the Governor said that we have to be aware of the fact that we continue to maintain continuity as well as stability, we can not be glued to it, and we have to be alert and agile to tackle challenges. 
In his statement, he also highlighted that regulators should not be in the way of innovation be it cryptocurrency or online gaming. And, the central bank will be interacting with all sectors such as financial regulators, state governments, and the center to carry on the Reserve Bank’s legacy. 
What does the chief economic advisor say? 
The chief economic advisor of India wants regulators to promote revolution in the cryptocurrency sector at the time of upholding transparency and accountability. At the Global Economic Policy Forum 2023, V. Anantha Nageswaran, the chief economic advisor of the Ministry of Finance revealed that regulators must not in the way of innovation in crypto mainly including Bitcoin. 
He mainly highlighted the requirement to balance revolution with societal requirements, highlighting that financial illiteracy is the major problem in our country and many developed countries. We need to make sure that the criteria set for regulators don’t hinder revolution. 
Moving forward, he highlighted the significance of transparency mentioning that regulators should not be afraid of sharing information and ensuring their actions line up with the societal goals. As per the official, the same theory that applies to the financial revolution must also apply to regulators. 
The policy paper 
By sticking to these norms and identifying the limits of their unelected powers, he claimed, regulators can back growth in fast-growing markets such as cryptocurrency while protecting public interests. 
The policy paper clarifying crypto’s standing is continuously been delayed as the country has changed its resources towards making and testing the central bank digital currency (CBDC). 
The Reserve Bank of India which has opposed cryptocurrencies for a long time, has continued a careful stance having some reports claiming that the regulators are in favour of restricting private cryptocurrencies because of concerns revolving around financial stability and risks to investors. 
Not long ago, Jetking Infortrain, an IT company in India created history after becoming the first publicly listed business in the country to add Bitcoin to its corporate portfolio. 

As of March 2024, understanding crypto trading taxes for transactions in India is not just beneficial but essential for every investor. This guide aims to demystify the taxation rules surrounding cryptocurrencies, providing you with a clear, detailed, and easy-to-understand overview of how much is the taxation on cryptocurrency in India in various scenarios including trading crypto.
Key TakeawaysTax Rate on Crypto Gains: Cryptocurrency gains in India are taxed at a flat rate of 30% plus a 4% cess. This tax applies to various crypto transactions including trading, mining, and exchanging cryptocurrencies for goods and services.TDS on Transactions: A 1% Tax Deducted at Source (TDS) applies to crypto transactions under certain conditions, effective from July 1, 2022. The TDS threshold is ₹50,000 for most individuals in a financial year and ₹10,000 for specific cases.Calculation of crypto trading taxes: Taxes are calculated based on the gains, which is the difference between the sale price and the cost price of the cryptocurrency. Different methods, such as Year-to-Date (YTD) and transaction-based returns, can be used depending on the investor’s preference.No Deduction for Losses: Losses from cryptocurrency transactions cannot be carried forward or set off against other income, as per Section 115BBH. This highlights the importance of careful investment planning and risk assessment.Disclosure and Compliance: Companies must disclose their cryptocurrency transactions and holdings in financial statements. All individuals and entities earning gains from cryptocurrency must accurately report and pay taxes on these earnings, emphasizing the need for compliance with the Indian tax regulations.

In the table above, you can see that crypto taxation of 30% is applicable irrespective of the tax slab an individual falls into. 
How to Calculate Your crypto trading taxes
Crypto taxation of 30 % is levied on crypto trading, mining, buying and selling after holding for any period,crypto-to-crypto swaps, P2P transactions, exchanging crypto for goods and services, airdrops and income earned from staking. 
Calculating taxes on cryptocurrency transactions involves determining the gains, which are the difference between the sale price and the cost price. 
For example, if you purchase cryptocurrency, say Bitcoin for ₹60,000 and sell it for ₹80,000, the taxable gain would be ₹20,000, attracting a 30% tax. Additionally a TDS of 1% (wherever applicable). 
Investors should keep in mind that losses made in crypto transactions are not allowed to be carried forward for set off. 

Methods of Calculating Crypto trading taxes

To accurately assess the profitability of your cryptocurrency trading activities, one has the flexibility to employ different methods of calculation based on your trading strategy and preferences. Specifically, individuals can opt for either the Year-to-Date (YTD) method or the transaction-to-transaction approach to determine the gains or losses incurred from their crypto transactions.
What to Consider while Filing crypto trading taxes
Navigating the complexities of cryptocurrency taxation in India requires a thorough understanding of various factors that influence the calculation of taxes on crypto investments. Here are some crucial considerations:
Transaction Factors Impacting Profitability
When calculating the profit and loss of your crypto investments, it’s essential to account for additional costs such as transaction fees, the impact of exchange rates, and the timing of your transactions. These factors can significantly affect the overall profitability of your investments. Regular monitoring and calculation of your crypto portfolio’s profit and loss, especially after significant transactions or during market volatility, are recommended to stay informed about your investment performance.
Non-Deductibility of Crypto Losses
According to Section 115BBH, losses incurred from cryptocurrency investments cannot be offset against any other income, including gains from other cryptocurrency transactions. This regulation prohibits investors from using losses in one year to reduce their taxable income in the following years. It’s crucial for crypto investors to understand this limitation when filing their Income Tax Returns (ITR).
Mandatory Disclosure for Companies
The Ministry of Corporate Affairs (MCA) mandates that companies disclose their gains and losses from virtual currencies in their financial statements. Additionally, companies must report the value of their cryptocurrency holdings as of the balance sheet date. These requirements, incorporated into Schedule III of the Companies Act starting from April 1, 2021, mark a significant step towards the regulation of cryptocurrencies in India. While this mandate applies specifically to companies, it highlights the government’s approach to increasing transparency in crypto transactions.
Tax Obligations for Individuals
Although the disclosure mandate from the MCA applies only to companies, all individuals and entities earning gains from cryptocurrency must report and pay taxes on these earnings. In India, gains from cryptocurrencies are taxed at a rate of 30%, along with any applicable surcharge and a 4% cess, under Section 115BBH. This tax rate underscores the need for all crypto investors to be diligent in calculating and reporting their taxable income from crypto transactions accurately.
Along with the above considerations investors should also keep in mind the regulatory requirements with respect to TDS on transactions. 
TDS on crypto became applicable in India from 01, July 2022.
What is the TDS on crypto in India?
Here’s a table presenting the scenarios where TDS is applicable in crypto transactions, along with exceptions and exemptions:

Summary : Tax on Crypto Trading In India
Selling price – Cost price (including fees) = Profits
30% flat rate is applicable on every profits made via trading along with 1% TDS and 4% cess on tax.
Example: 

Calculate your crypto trading taxes with Mudrex
Explore Crypto Tax Calculator by Mudrex and calculate your tax liability on your crypto gains. It only takes 3 steps to find out taxes on crypto via Mudrex:
Enter the entire amount received from the sale of your crypto assets.Enter the initial investment amount (no deduction benefits are available except for the cost of acquisition)Your net profit will be displayed on your screen along with the tax you are liable to pay, as per the provisions of section 15BBH.

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