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Frequently asked questions
The Audius initiative is unique and has the power to change the music industry totally. The platform aims to introduce a new sector with a $13 billion annual market. On the other hand, celebrities like Katy Perry, NAS, and Jason Derulo announced that they are investing in the AUDIUS platform. It shows that Audius could bring a bright future for its stakeholders.
In India, cryptocurrency is subject to taxes, and it’s important to report it correctly to avoid
penalties and fines. You are advised to keep detailed records of all your cryptocurrency
transactions, including the date of the transaction, the type of cryptocurrency, the amount, and
the value in INR at the time of the transaction. Also, keep proof of payment of taxes, such as the
receipt of tax payment, as you may need to provide it as evidence in case of an audit. It’s
important to consult a tax expert or a financial advisor if you’re unsure about how to report
cryptocurrency taxes in India, as the rules and regulations can be complex. Filing taxes correctly
can help you avoid penalties, fines, and legal issues in the future.
In India, according to the Income Tax Act, there are some situations where you will not have to
pay taxes on your cryptocurrency. These include:
● Transferring crypto between your own wallets: When you transfer crypto from one of
your wallets to another, you won’t have to pay taxes on it.
● Receiving gifts of crypto: If you receive a gift of cryptocurrency worth up to RS 50,000 or
more from close family members, you won’t have to pay taxes on it.
It’s important to note that these exemptions are subject to change and it’s always best to consult
a tax expert to determine your specific tax liabilities.
Roneil Rumburg and Forrest Browning are both computer scientists, and they are the professionals responsible for co-founding Audius. Roneil Rumburg is the main founder of the Audius platform. He was also an engineer at the KPCB Edge project.
The adoption of cryptocurrency in India is growing, but the exact number of individuals owning
crypto assets is not publicly available. Moreover, it is challenging to determine the exact number
of crypto owners as many people hold crypto assets anonymously. However, according to triple
A data in 2022 collected by crypto professionals, it’s estimated that about 11.5% of the Indian
population, which would be around 157 million people, may hold some sort of crypto assets.
Ledger, Trezor, Trust Wallet, and Atomic Wallet are among the best wallets to keep your AUDIO coins safe.