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For a few months now, there have been rumors that India's finance department will take steps to lower the tax rate on crypto, but nothing has happened. - India's finance minister, Nirmala Sitharaman, presented the budget without introducing any changes to the controversial tax deducted at source (TDS) policy affecting the crypto industry. - The existing TDS policy includes a 30% tax on profits and a 1% TDS on all crypto transactions. - Despite efforts from the domestic crypto industry and a think tank advocating for a reduction in TDS, no changes were announced in the budget. - The Indian crypto industry has been urging the government to reduce the 1% TDS since its introduction two years ago. - The TDS policy has led to the movement of many crypto transactions offshore, impacting revenue, and the recent budget did not address the industry's concerns. $BTC #Budget2024 #IndiaCrypto #cryptopm #Write2Earn

For a few months now, there have been rumors that India's finance department will take steps to lower the tax rate on crypto, but nothing has happened.

- India's finance minister, Nirmala Sitharaman, presented the budget

without introducing any changes to the controversial tax deducted at

source (TDS) policy affecting the crypto industry.

- The existing TDS policy includes a 30% tax on profits and a 1% TDS on all crypto transactions.

-

Despite efforts from the domestic crypto industry and a think tank

advocating for a reduction in TDS, no changes were announced in the

budget.

- The Indian crypto industry has been urging the government to reduce the 1% TDS since its introduction two years ago.

-

The TDS policy has led to the movement of many crypto transactions

offshore, impacting revenue, and the recent budget did not address the

industry's concerns.

$BTC

#Budget2024 #IndiaCrypto #cryptopm #Write2Earn

Disclaimer: Includes third-party opinions. No financial advice. See T&Cs.
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