Crypto income stays taxed at 30%
By MYBRANDBOOK
Finance Minister Nirmala Sitharaman did not mention crypto in her Budget speech this year. Crypto income remains taxed at 30% while tax deducted at source (TDS) stays at 1%.Due to this, many Indian crypto proponents took to Twitter to voice their opinions. Neeraj Khandelwal, co-founder of crypto exchange Coindcx, tweeted: “No changes to crypto taxation in India in the Budget Session. It stands at 1% TDS and 30% on profits. This puts India at a web3 disadvantage for another year.”
Sathvik Vishwanath, CEO of Indian crypto exchange Unocoin, wrote: “There was no mention of crypto or blockchain in the Budget this time. It has been a year since the announcement of 1% TDS was done and we all thought it would affect the industry. It did! Now we need reviving amendments.”
While the finance minister did not mention crypto in her Budget speech, the Finance Bill reportedly includes an amendment to the Income Tax Act that applies to crypto TDS. As explained by experts, the penalty for failure to deduct or pay crypto TDS includes an amount equal to the unpaid TDS that will be imposed by a joint commissioner, noting that for late payments, a 15% interest per annum will be imposed. Failure to pay TDS on crypto transactions can land one in jail for up to seven years.
When Sitharaman announced the taxation of crypto income at 30% and a TDS of 1% on crypto transactions last year, crypto trading volumes in India plummeted. The lack of a regulatory framework for crypto and the central bank’s continued crypto ban proposal contribute to the uncertainty that drives crypto companies and investors away from India.
Google promotes Sanjay Gupta as APAC President
Sanjay Gupta, who is the present Country Manager - India for Google has be...
Supreme Court verdicts against NEET Re-Examination
The Supreme Court declared that there will be no retest for the NEET-UG e...
Government brings in three employment-linked incentive program
The Finance Minister unveiled three new incentive programs in the Union ...
Amazon may soon launch new AI-powered Alexa
Amazon has been previewing an all-new Alexa which will be based on a new l...
ICONS OF INDIA : SUNIL BHARTI MITTAL
Sunil Bharti Mittal is the Founder and Chairman of Bharti Enterprises,...
Icons Of India : AMIT CHADHA
Amit Chadha serves as the CEO and Managing Director of L&T Technology ...
ICONS OF INDIA : SHAILENDER KUMAR
Shailender Kumar is senior vice president and regional managing direct...
NSE - National Stock Exchange
NSE is the leading stock exchange in India....
STPI - Software Technology Parks of India
STPI promotes and facilitates the growth of the IT and ITES industry i...
C-DOT - Center of Development of Telematics
India’s premier research and development center focused on telecommu...
Indian Tech Talent Excelling The Tech World - Sundar Pichai, CEO- Alphabet Inc.
Sundar Pichai, the CEO of Google and its parent company Alphabet Inc.,...
Indian Tech Talent Excelling The Tech World - Dheeraj Pandey, CEO, DevRev
Dheeraj Pandey, Co-founder and CEO at DevRev , has a remarkable journe...
Indian Tech Talent Excelling The Tech World - Anirudh Devgan , President, Cadence Design
Anirudh Devgan, the Global President and CEO of Cadence Design Systems...