1% TDS to be levied on crypto trades from July 1 in India
All crypto exchanges will deduct the tax at source
Here are the details
Certain virtual asset taxation policies were released last year
The Finance Ministry had proposed taxation on trading and profits
The TDS comes into effect from July 1
What has happened?
The TDS was announced in the Union Budget 2022-23
It levies a 1% tax on all virtual asset transfers
This is levied irrespective of profits or losses
Regular crypto traders will be heavily affected
A full (buy+sell) transaction will attract a 2% charge
Trading volumes are expected to go down
Market in numbers
Crypto asset holdings in India: $5.3 billion+
Est total number of crypto owners in India: 100 million+
80% crypto owners in India are male
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