Crypto Tax News
- When paying in cryptocurrency, TDS charges 1% origination fee.
- The TDS charge is Rs 10,000 or more.
- 1% TDS deduction has been announced from Budget 2022-23.
New Crypto tax will be imposeld on your transactions from July 1, know full details – Crypto Tax News
Crypto Tax News : The cryptocurrency market, which is going through a period of uncertainty, will have to impose a new tax in India from July 1. The central government introduced a 30% tax rate in the budget for 2022-23. From July 1, 1% TDS will be levied on digital asset or cryptocurrency payments exceeding Rs 10,000 per year.
TDS deduction is applicable to all transfers of Virtual Digital Assets (VDAs), including cryptocurrencies and non-fungible tokens (NFTs). TDS charges over Rs 10,000. In the new section 47A of the Income Tax Act, VDA is defined as any information, code, number or symbol. This includes cryptocurrencies and non-fungible tokens. Crypto Tax News
According to the report, Finance Minister Nirmala Sitharaman has announced 1% TDS deduction from the budget of 2022-23. There is some ambiguity in between. On June 22, the IT department explained that the TDS for virtual digital assets is 1%. Investors who cannot make money from cryptocurrencies will also have to pay tax.
Bitcoin Tax News about TDS crypto news
The Central Board of Direct Taxes (CBDT) has clarified that the responsibility of withholding TDS can be passed on to sellers, exchange buyers or middlemen. In other words, selling price minus TDS minus TDS and the rest goes to the seller. Crypto Tax News
In such transactions where buyer and seller are directly involved, the buyer will get tax relief under section 194S of the IT Act. When the VDA is transferred through a broker or exchange, the tax is deducted at the exchange. If a broker is involved but the seller is not, the responsibility of deducting tax lies with the broker and the exchange. Crypto Tax News
Today Cryptocurrency Tax News
Significantly, the Indian crypto market is going through a difficult period with all the uncertainties and new rules. Several prominent figures in the Indian cryptocurrency industry are reportedly laying off their employees. Most Indian companies are proceeding cautiously in the face of the new tax rates introduced in the industry. crypto news
Trading volume on WazirX, one of the fastest growing cryptocurrency exchanges in India, has fallen by 95% since October due to new tax rules. Wald recently showed 30% of his workforce laying off. In June alone, around 1,700 people left the industry. Crypto Tax News