Tds On Cryptocurrency
- All
- News
- Videos
-
Union Budget 2024: No Tax Relief for Crypto Sector, Industry Takes Respite in Angel Tax Abolishment
The Union Budget that was unveiled on Tuesday without any reduction in one percent TDS on all crypto transactions that has been requested by the crypto industry. Meanwhile, the Web3 community continues to vouch for patience and belief in the government for comprehensive industry-specific reforms in the future.
-
Reducing 1 Percent TDS on Crypto Transactions Can Fetch Over Rs. 5,000 Crore for India by 2027: Report
India could fetch Rs. 5,144 crores through capital gains in the next three years by 2026 – only if India revises its crypto laws. The finding was published in a policy paper compiled by the Centre for Tax Laws, Hyderabad-based NALSAR University of Law, and some individual members of the Indian crypto community.
-
CoinDCX Report Claims Lower TDS on Crypto Could Improve Compliance, Tax Transparency
CoinDCX has released a report that seeks reform in India's crypto tax regime. The crypto exchange's latest report is titled 'Redesigning TDS for Transparency and Compliance’ and highlights areas where reforms can be ushered in by the government.
-
Crypto Tax Compliance in India 'Very Low', Clearances Imperative to Gain Government's Trust: Taxnodes CEO
Avinash Shekhar, the CEO of Taxnodes has pointed out that crypto tax compliance in India has continued to be ‘very low’ since these taxes were levied back in 2022. He has reminded the community that discipline and compliance is the way to gain the government’s trust on India’s crypto circle.
-
KuCoin Completes Registration with India’s FIU, Will Deduct 1 Percent TDS on Transactions
KuCoin has become the latest international crypto exchange to have completed compliance with India’s FIU. The tax deduction process on KuCoin for Indian investors and traders will begin on April 10 and the authorities will deposit the amount to India’s financial authorities.
-
Derivatives, Futures Trading a Tax Effective Solution to Drive Crypto Engagement in India: Pi42 Co-Founders
Industry leaders in India believe that futures trading in crypto can be a great solution to help potential investors still trade in crypto without having to worry about the tax load. Indian crypto veterans Nischal Shetty and Avinash Shekhar, who recently released their Pi42 futures exchange, have weighed-in on the situation with insights.
-
India’s Crypto Industry Misses Mention in FM’s Budget 2024 Speech, No Change in Taxes
Since last week, #ReduceCryptoTax has been trending on X in India with thousands of posts demanding a revision in India’s crypto tax policy. Despite the outcry, India's Finance Minister Nirmala Sitharaman did not even mention the crypto sector in the interim budget speech she presented in the parliament on Thursday, February 1.
-
National Startup Day: CoinDCX Chief Posts Earnest Appeal to India’s Govt, Web3 Community
India observes January 16 as National Startup Day. In an earnest appeal to the government of India as well as its crypto community, CoinDCX’s Sumit Gupta has urged the government to reduce the one percent TDS levied on all crypto transactions.
-
India’s 1 Percent TDS on Crypto Transactions Needs to be Slashed to 0.01 Percent: Study
In its latest study, Delhi-based think tank Esya Centre has advised the government to slash its 1 percent TDS on crypto transactions to 0.01 percent. In doing so, India could garner more revenue from the Web3 sector than what it's managing to churn at present while also supporting the growth of this up-and-coming sector, the report said.
-
CoinDCX Lays Off 71 Employees, Blames India’s Crypto Tax Impact on Business in Bear Market
India’s CoinDCX crypto exchange has laid off 71 members of its work force, in order to balance its business and finances during this ongoing crypto slump. In its official statement, the company said that India’s TDS deductions on each crypto transaction has slowed down its business, especially during the ongoing bear market.
-
India’s Debated 1 Percent TDS on Crypto Transfers Added Millions to Government Treasury: Details
In the last nine months, the one percent TDS collection on each crypto transaction fetched over $19 million (roughly Rs. 157 crore) to the government treasury in India. This tax rule had gone live in India last June.
-
India Should Consider Lowering TDS Rate on Cryptocurrency Trade to Stem Flight of Capital, Users: Report
India should consider lowering the 1 percent TDS imposed on cryptocurrency transactions, according to a joint report Chase India and Indus Law. The government, from April 1 last year, has brought in a 30 per cent income tax plus surcharge and cess on transfer of virtual digital assets (VDAs), including cryptocurrencies, like Bitcoin, Ethereum, Teth...
-
Crypto Trading Volumes in India Take a Hit Following TDS Rule Enforcement
By July 3, the trade volumes on BitBNS and CoinDCX crypto exchanges dropped by 37.4 percent and 90.9 percent respectively. Other Indian exchanges such as WazirX and Zebpay witnessed dips in trading activities soon after the one percent TDS on each crypto transaction went into execution on July 1. The outcry over these laws from investors have taken...
-
India’s Cryptocurrency Position Said to Be Vindicated Amid Global Crypto Market Downturn
India has taken a conservative position on cryptocurrency, and the government’s decision is said to be vindicated by the ongoing global cryptocurrency market meltdown. To dampen crypto trading, a one percent tax deducted at source (TDS) on crypto transactions was introduced on July 1, following a 30 percent capital gains tax on all transactions t...
-
What You Need to Know About Crypto, NFT Laws in India
The Income Tax Department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified. The 2022-23 Budget has brought in clarity with regard to levy of income tax on crypto assets. From April 1, a 30 percent I-T plus cess and surcharges,...
-
Union Budget 2024: No Tax Relief for Crypto Sector, Industry Takes Respite in Angel Tax Abolishment
The Union Budget that was unveiled on Tuesday without any reduction in one percent TDS on all crypto transactions that has been requested by the crypto industry. Meanwhile, the Web3 community continues to vouch for patience and belief in the government for comprehensive industry-specific reforms in the future.
-
Reducing 1 Percent TDS on Crypto Transactions Can Fetch Over Rs. 5,000 Crore for India by 2027: Report
India could fetch Rs. 5,144 crores through capital gains in the next three years by 2026 – only if India revises its crypto laws. The finding was published in a policy paper compiled by the Centre for Tax Laws, Hyderabad-based NALSAR University of Law, and some individual members of the Indian crypto community.
-
CoinDCX Report Claims Lower TDS on Crypto Could Improve Compliance, Tax Transparency
CoinDCX has released a report that seeks reform in India's crypto tax regime. The crypto exchange's latest report is titled 'Redesigning TDS for Transparency and Compliance’ and highlights areas where reforms can be ushered in by the government.
-
Crypto Tax Compliance in India 'Very Low', Clearances Imperative to Gain Government's Trust: Taxnodes CEO
Avinash Shekhar, the CEO of Taxnodes has pointed out that crypto tax compliance in India has continued to be ‘very low’ since these taxes were levied back in 2022. He has reminded the community that discipline and compliance is the way to gain the government’s trust on India’s crypto circle.
-
KuCoin Completes Registration with India’s FIU, Will Deduct 1 Percent TDS on Transactions
KuCoin has become the latest international crypto exchange to have completed compliance with India’s FIU. The tax deduction process on KuCoin for Indian investors and traders will begin on April 10 and the authorities will deposit the amount to India’s financial authorities.
-
Derivatives, Futures Trading a Tax Effective Solution to Drive Crypto Engagement in India: Pi42 Co-Founders
Industry leaders in India believe that futures trading in crypto can be a great solution to help potential investors still trade in crypto without having to worry about the tax load. Indian crypto veterans Nischal Shetty and Avinash Shekhar, who recently released their Pi42 futures exchange, have weighed-in on the situation with insights.
-
India’s Crypto Industry Misses Mention in FM’s Budget 2024 Speech, No Change in Taxes
Since last week, #ReduceCryptoTax has been trending on X in India with thousands of posts demanding a revision in India’s crypto tax policy. Despite the outcry, India's Finance Minister Nirmala Sitharaman did not even mention the crypto sector in the interim budget speech she presented in the parliament on Thursday, February 1.
-
National Startup Day: CoinDCX Chief Posts Earnest Appeal to India’s Govt, Web3 Community
India observes January 16 as National Startup Day. In an earnest appeal to the government of India as well as its crypto community, CoinDCX’s Sumit Gupta has urged the government to reduce the one percent TDS levied on all crypto transactions.
-
India’s 1 Percent TDS on Crypto Transactions Needs to be Slashed to 0.01 Percent: Study
In its latest study, Delhi-based think tank Esya Centre has advised the government to slash its 1 percent TDS on crypto transactions to 0.01 percent. In doing so, India could garner more revenue from the Web3 sector than what it's managing to churn at present while also supporting the growth of this up-and-coming sector, the report said.
-
CoinDCX Lays Off 71 Employees, Blames India’s Crypto Tax Impact on Business in Bear Market
India’s CoinDCX crypto exchange has laid off 71 members of its work force, in order to balance its business and finances during this ongoing crypto slump. In its official statement, the company said that India’s TDS deductions on each crypto transaction has slowed down its business, especially during the ongoing bear market.
-
India’s Debated 1 Percent TDS on Crypto Transfers Added Millions to Government Treasury: Details
In the last nine months, the one percent TDS collection on each crypto transaction fetched over $19 million (roughly Rs. 157 crore) to the government treasury in India. This tax rule had gone live in India last June.
-
India Should Consider Lowering TDS Rate on Cryptocurrency Trade to Stem Flight of Capital, Users: Report
India should consider lowering the 1 percent TDS imposed on cryptocurrency transactions, according to a joint report Chase India and Indus Law. The government, from April 1 last year, has brought in a 30 per cent income tax plus surcharge and cess on transfer of virtual digital assets (VDAs), including cryptocurrencies, like Bitcoin, Ethereum, Teth...
-
Crypto Trading Volumes in India Take a Hit Following TDS Rule Enforcement
By July 3, the trade volumes on BitBNS and CoinDCX crypto exchanges dropped by 37.4 percent and 90.9 percent respectively. Other Indian exchanges such as WazirX and Zebpay witnessed dips in trading activities soon after the one percent TDS on each crypto transaction went into execution on July 1. The outcry over these laws from investors have taken...
-
India’s Cryptocurrency Position Said to Be Vindicated Amid Global Crypto Market Downturn
India has taken a conservative position on cryptocurrency, and the government’s decision is said to be vindicated by the ongoing global cryptocurrency market meltdown. To dampen crypto trading, a one percent tax deducted at source (TDS) on crypto transactions was introduced on July 1, following a 30 percent capital gains tax on all transactions t...
-
What You Need to Know About Crypto, NFT Laws in India
The Income Tax Department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified. The 2022-23 Budget has brought in clarity with regard to levy of income tax on crypto assets. From April 1, a 30 percent I-T plus cess and surcharges,...
