Why Bitcoin is no longer untraceable ?

Bitcoin Scenario in India

Bitcoin is primarily known for its security and anonymity but knows Indian government has found out the loophole to trace the transaction between Bitcoin and banks not only bitcoin but other types of cryptocurrencies also like Dogecoin, Litecoin, Ethereum, and NFT (Non-Fungible Token ) income earned by NFT's. And according to the Indian constitution Cryptocurrencies and NFT's now will be classified as Crypto assets and will be TAXED 30% on income from cryptocurrency irrespective of loss or profit and NFT's and you have to pay TDS 1% on every transaction from banks no matter you face loss or profit.

No matter you face loss or gain you have to pay 30% tax and TDS You have to pay TDS that will make acknowledge the bank on every transaction from any kind of cryptocurrency.

The Indian government has banned many unregistered crypto exchange platforms and foreign crypto exchange platforms geographically however you can access them using a proxy or VPN service yet still you will face problems while converting them into your regional currency. A bad thing is that it will be taxed until no major crypto trading platform has filed a case in the Supreme Court of India against the Government Of India regarding TAXATION of crypto assets. Despite fact that the American government does not consider cryptocurrency and NFT as a currency or asset and by IMF ( International Monetary Fund ) it was stated that Crypto was neither a currency nor an asset, but the Indian government did this to increase tax collection and there is no still any clarification by the government that it will consider Bitcoin as a legal tender because in past Indian government
banned 49 apps as a threat to National security because they were saving data outside India especially in China. It is possible that crypto exchanges and crypto investors may file a case in the Supreme Court against the new taxation policy of the Indian government and for considering cryptocurrency as a crypto asset like American investors and taking the reference from the decision of the American Supreme Court and statement of IMF AND World Bank because according to them crypto is neither a currency nor asset.

How to save tax on Bitcoin?

Being Straight forward to the point that the government will still not be able to track bitcoin transactions outside the country and not only bitcoin but also other cryptocurrencies and TDS can also be defaulted by exploiting some loopholes of banking system means instead of trading on the regional crypto exchange they can trade in any foreign exchange as I mentioned above using any VPN or proxy service and instead of converting into a national currency we will just convert into a coupon code or buy a product cost equal to the gain and the service or product we will buy will be refundable to full cost or after deducting delivery charges and we will give an invalid address for delivery once it will get back to the company we will ask them to refund or they will just contact you regarding not able to deliver at the given destination at the given time. They will offer you a refund ask them to refund in the form of their regional currency or your regional currency in your bank account or they deny then just ask them to transfer in E-Wallet or any other form like Money Orders or google play coupon code. Instead of products here, you can purchase any services like membership of clubs and premium tools which give a refund and ask them to refund in form of normal currency into your bank account and if you want here you can give your e-wallet address to transfer money in it. There are many products and services available in cryptocurrency. Remember to use this technique on reputed stores or service providers, not on any random store. Check any commercial flight that provides a refund or any affordable product accepting cryptocurrencies and order online instead ask them for a refund in normal currency.

Even if this trick doesn't work just make an e-wallet and connect to your bank through net banking or UPI and a visa is great if you have one. Just transfer money from your bank to that e-wallet like Paypal or if you have a visa then you can directly transfer to the Paypal account and from there you can directly do selling and buying of cryptocurrencies and as you get the money just transfer to your bank account. This is the best option you can do and providing even on Indian mobile number even somehow Paypal banned the crypto exchange service for Indian customers just buy a virtual sim card or virtual phone number these both things can be used to verify you as a citizen of USA. Avoid using free virtual phone numbers anyone can easily gain access to your account and many free virtual phone number was banned by Paypal. You can use other e-wallets providing this service but remember shouldn't be linked to Indian banks in any way. By a virtual phone number, you can also register a new bank account also to avoid taxation.

Try if you have any relative outside India just contact them attach your cryptocurrency wallet with bank account of the foreigner or ask him to give you a separate account for trading purposes and this will also avoid conflicts between you and your relative.

As an update, there is a hashtag going on Twitter platforms #crypto on top trends on the second number.

If you don't know the basic working of cryptocurrency then I prefer you to learn the technicalities of cryptocurrency and NFT.

You can learn this for free in Hindi security technical Sagar all hacking courses for free after learning this you can easily trade different types of cryptocurrency and digital currency.

Author: Shruti Agarwal