Expectations were low for a change in the stiff taxes on crypto transactions: a 30% tax on profits and a 1% TDS on all transactions.
(https://www.coindesk.com/resizer/cAXP83PfBp49s6RbRi4A7Yuqz7o=/1056x594/filters:quality(80):format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/EFOM6PSTJRAINH3JZRKSP5VGFM.jpg)
India has not introduced any changes to its controversial tax deducted at source (TDS) policy that is affecting the crypto industry.
The nation's finance minister Nirmala Sitharaman revealed the budget in parliament on Thursday as usual. Expectations were low for a change in the stiff taxes on crypto transactions, which include a 30% tax on profits and a 1% TDS on all transactions. However, there was a glimmer of hope because of efforts from the domestic crypto industry and a study from a think tank pushed hard for a reduction in the TDS.
Source: https://www.coindesk.com/policy/2024/02/01/india-keeps-stiff-taxes-on-crypto-as-interim-budget-is-revealed-in-election-year/