As the crypto tax deducted at source (TDS) came into effect on July 1, over 83 per cent of crypto traders believed that the recent tax implementation deterred their trading frequency, reveals a new survey by crypto exchanges WazirX and Zebpay. The survey was involved over 9,500 respondents. The findings revealed that around 24 per […]
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“Paying 1 per cent TDS on every trade is just not done. Crypto is already so volatile, and on top of that, the tax implementation has made it difficult for traders to put their money in cryptos,” Anshul Sharma, 25, a crypto trader based in Mumbai tells indianexpress.com. Like Sharma, many traders have stopped trading […]
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The rules regarding tax deducted at source (TDS) on virtual digital assets have come into effect starting July 1. This comes after the government levied a 30 per cent flat income tax on cryptocurrencies from April 1. During this time, the government also announced the imposition of a TDS of 1 per cent. However, traders […]
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India’s largest digital assets exchanges are bracing for a drawn-out crypto winter — one with some unwelcome local twists. With token prices plummeting, customers unable to transfer money to their accounts and a dreaded transaction tax on cryptocurrencies just around the corner, exchanges like Binance-backed WazirX have put expansion plans on the back burner. “We […]
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From being called speculative products to ‘virtual digital assets’ (VDAs), cryptocurrencies have come a long way. From April 1, India introduced a tax on all VDAs. The law states that any income earned from the transfer of digital assets would be taxed at 30 per cent with no deductions or exemptions. This would apply to […]
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