Home » Crypto Taxes Unchanged

Crypto Taxes Unchanged

by Brian Armstrong

The Indian crypto sector had been hoping for tax relief from the budget for the 2023-24 fiscal, but were met with disappointment as the Finance Minister, Nirmala Sitharaman, did not mention crypto or virtual assets at all. The existing 1% TDS and 30% on crypto gains remain unchanged, and there is no offsetting of losses against profits on different crypto trades. To discourage the use of non-compliant or offshore platforms, the government has announced penalty provisions for non-payment of TDS, which can include a prison term of up to six months, and a 15% interest per annum for late payment. The introduction of crypto taxes has caused a significant drop in trading volume, with over $3.8 billion moving overseas. To benefit Indian platforms that abide by local laws and tax obligations, the penalty for failure to pay TDS by using non-compliant or offshore platforms has been introduced. This is to encourage users to use tax-compliant platforms when investing in crypto.


Popular News

Leave a Comment

Ads Blocker Image Powered by Code Help Pro

Please support us to continue to provide free news for everyone

We have detected that you are using extensions to block ads. Please support us by disabling these ads blocker.

Powered By
Best Wordpress Adblock Detecting Plugin | CHP Adblock