New Delhi: Zerodha CEO Nitin Kamath on Saturday (June 12) posted a trade on Twitter, explaining how crypto investors got lucky, thanks to the announcement of TDS and taxation scheme on investments in digital coins. According to the head of the Bengaluru-based online trading platform, the activity and participation of Indian crypto investors has declined significantly after Finance Minister Nirmala Sitharaman announced taxation on crypto assets while presenting Budget 2022-23 in the Indian Parliament in February 2022. , He added that if taxes had not been introduced at that time, many would have potentially been trapped trying to dip and then buy below the average.
“I think many Indian crypto investors accidentally got lucky because of the TDS and tax on crypto announcement in this budget in February. Activity and participation immediately declined. If not, many potentially stuck trying to take the plunge. And then the average could be down,” Kamat said in a tweet. (Also read:
I think many Indian crypto investors got lucky by mistake because of TDS and tax on crypto announcement in this budget in February. Activity and participation immediately declined. If not, many could potentially be trapped trying to dip and then buy below the average. 1/3 pic.twitter.com/4SKmo8cvKx
Sitharaman had said that investors will have to pay 30% tax on income earned by investing in cryptocurrency with effect from April 1, 2022. “No deduction and exemption is allowed. Loss on account of transfer of such properties cannot be set off against any other income. (Also Read: WhatsApp Users Alert! You Can Soon Add 512 Members to a Group)
Meanwhile, in the following tweet, Kamat cited the biggest reason for losses in stock trading. He said, “Even when trading stocks, the biggest cause of losses is trying to make up the wrong trade by throwing the good money at the bad money. This is the average below when the price moves against the trade, considering this.” regardless of whether the portfolio is being focused or not. (Also read: 7th CPC: DA hike for central government employees due to inflation? Details here)
“Whenever I have to explain this, I use the activity of Yes Bank in 2019 as an example. The share price declined from Rs 400 to Rs 10 and with every fall new investors joined in and many existing investors bought more. Had shared it then,” he explained in the third and last tweet of the thread.
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