The CBDT will specify the tax-related position on the cryptocurrency
Profits from crypto trading are taxed at 30 percent. You will also have to pay 1% TDS on each crypto transaction.
Profits from crypto trading are taxed at 30 percent
You will have to pay 1% TDS on each crypto transaction
Cryptocurrency trading volume down after tax implementation
The Central Board of Direct Taxes (CBDT) is compiling a list of FAQs related to the crypto tax system implemented this year. Profits from crypto trading are taxed at 30 percent. You will also have to pay 1% TDS on each crypto transaction.
CBDT chief Sangeeta Singh said at an event organized by the Income Tax Department that answers to these questions would be issued early next month. The purpose is to clarify the status of this tax for those connected to the crypto segment. The CBDT is the apex body governing tax matters. "We are working on FAQs to clarify the situation on the crypto segment," Singh said. Experts and companies involved in the crypto industry have urged the central government to consider a 30 per cent tax cut on profits from crypto.
Cryptocurrency trading volume declines after tax for digital assets A recent report by research firm Krebeco claims that the crypto trading volume of the country's crypto exchanges, including CoinDCX and WazirX, has declined significantly. "Trading volume for cryptocurrency is declining. It may fall further. It is unlikely to rise again. It is clear that the new tax has had a negative impact on the market. The government should consider this," Krebeco said. Stop crypto and because of that the government should adopt technology. "However, there is confusion over the definition of virtual digital assets.
The tax on crypto trading was announced in this year's budget and since then the issue has caused controversy among those involved in the crypto industry. Many industry experts and crypto enthusiasts have praised the government's approach to regulating rather than restricting this segment, while others believe that the tax rate on crypto profits should be reduced.
29-Sep-2024