r/CryptoTax • u/Several-Ordinary-268 • 18d ago

if you are from [India] - received my first client.

Hey everyone! I’m new to crypto and I’ll soon need to receive freelance payments in USDC.

I don't know how all this works and how to handle wallets, networks, converting to fiat, tracking payments, fees, etc.

Mainly tell me about taxes and audit part and how you usually do it and any problems you’ve faced?

Thanks! 🙌

5 Upvotes

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1

u/JustinCPA 18d ago

Use a crypto tax software 😎

Just load in your wallets and exchanges to track the payments. Tag them as income.

Congrats on your first client

1

u/No-Measurement5392 18d ago

Just For educational purposes , take USDT ( preferred) or usdc into dex or cold wallet like trust wallet , exchange it into OTC p2p or hand to hand with anyone who can take n give cash or upi .
Paying tax and get fu*ked via govt for UPI chrge neither can set off crypto losses . Crypto tax is just a legal scam by govt

1

u/[deleted] 17d ago

[removed] — view removed comment

1

u/CryptoTax-ModTeam 16d ago

No AI slop/spam

1

u/AccomplishedTree9027 15d ago

There are two platforms you can use: DashX and kosh money. They are build for the exact same thing.

1

u/Strange_Research_176 14d ago

I’d keep a record of every USDC payment from day one — date, INR value, wallet and fees. KoinX can make the tracking easier, but for your first filing I’d still get a CA who understands crypto to check it.

1

u/Ok-Pea-9346 2d ago

It would be disastrous if you keep receiving it once you cross 20lpa, you would be liable to pay GST on it & Income tax is separate after deducting expenses regardless of threshold gross receipts