In the Union Budget 2022, the Indian Government announced new tax policies for interacting with virtual digital assets or cryptocurrencies in the country. The Central Board of Direct Taxes (CBDT) issued a circular in June 2022, which included various guidelines outlining the tax rules for digital currencies. The “1% TDS on crypto” is the tax deducted at the time of making a transaction involving cryptocurrencies.
We will discuss everything you need to know about the 1% TDS on crypto in India, in the present article. Furthermore, we will also look at the potential impact it has on Indian crypto investors.
What Exactly is TDS?
When a person is obligated to make a specified payment to another person, they must deduct tax at the source. This is called TDS or “Tax Deducted at Source”. This deducted amount will directly go to the Central Government. On the basis of Form 26AS or a TDS certificate, the deductee from from whose the 1% TDS is deducted is entitled to get a credit for it.
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