T O P
blthmsphlp

Anything’s possible in India as long as you have connections…


BobvsVagene

Fellow Indian here, you can pay him in crypto if he accepts, he will need to pay 30% tax on it so make sure you compensate that.


fjik1623

ok, so the tax is on any withdrawal regardless of the gain. Got it... Surprised polygon is in India with this mess. Thanks for the real reply


BobvsVagene

Well it depends on him if he cash out on CEX then he can’t avoid it at all. If this payment to him is a salary income and you are able to provide him a salary slip then he can get lesser tax on it, crypto is not perfectly legal in India yet and the taxation bill needs a lots of corrections and ammendements


fjik1623

I wonder if stablecoins are considered crypto in India... probably. I'll look into some options I appreciate it


BobvsVagene

As long as anything goes through a cex crypto exchange is considered crypto in India.


Zarigis

I'm pretty sure this is wrong - the 30% tax is only against trading profits. If they are being paid in crypto then they would only need to consider the difference in price between when it's received (then taxed as income) vs. sold (then taxed as capital gains/losses)


fjik1623

THIS IS WHAT I THOUGHT. i clearly need to do some more research


zebdebleblol

Do you have to pay 30% tax irrespective of whether you make a profit or not?


BobvsVagene

30% tax on the amount which u have cashed out in your bank. If it’s not a profit then no tax but the loss will not carry forward to next year.


frstrtd_ndrd_dvlpr

Ahh damn, that 30% is hitting hard


Wonzky

This really sounds like a question for legal


Odlavso

r/cc legal department ![gif](giphy|5Zesu5VPNGJlm|downsized)


SashTheLurker

Wow we borrow r/banano lawyers.


apebrain6942019

Banano actually has some great lawyers in their community. Lookin at u Higgins.


Horizon0D

Monkeys indeed


discostuu72

Pay for his fees.


fjik1623

Can you guys not be r/antiwork freaks about this. I'm not paying 30% when I can use paypal and pay way less in fees, just looking through options. I'm not the owner of some massive company yet


discostuu72

Ok well if you can use PayPal and use less fees, use PayPal and pay less for fees. You’re on fucking r/CryptoCurrency trying to figure out this persons livelihood instead of pressing with the most viable, least time consuming solution. Be a good boss, pay their fees and rethink your hiring processes.


fjik1623

it takes him a long time to withdrawal from paypal so im trying to help him out


[deleted]

How big is the amount? I can give some tips based on size


fjik1623

About $600 a month


[deleted]

Sounds like PayPal wait is better if it’s every month.


i_4m_me

Simple and effective


discostuu72

Yep. Why make it needlessly complicated?


ThatOtherGuy254

You should ask the Indian government that.


discostuu72

This isn’t about that. Not everything needs to be solved with crypto. Pay his fucking fees if you’re a half decent boss and move on.


oxyboron_

The 30% tax isn't functional yet and would be implied from 2023. Also, this isn't a Capital Gains tax, but rather a block 30% tax on any Crypto withdrawal.


theyokesonyou44

I don't think you can circumvent the crypto tax like that, but ask him if he's open to the payment in crypto option.


vpnnsharma

That payment would be count as a gift and he would have to give 30% tax.


Castr0-

You can pay him in crypto if he want. Then he can use the crypto for what they have. i think the question is he want to be payed in crypto? if yes? why not?


Paid-Not-Payed-Bot

> to be *paid* in crypto? FTFY. Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in: * Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.* * *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.* Unfortunately I was unable to find nautical or rope-related words in your comment. *Beep, boop, I'm a bot*