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In the Union Budget, Finance Minister Nirmala Sitharaman had announced a one per cent TDS. While the legitimacy of crypto is being questioned, consumers will have to face a tax structure due to the new rules.
New Delhi- India’s leading cryptocurrency (Crypto Currency) CoinDCX has announced the application of 1% TDA rule on CoinDCX crypto transactions. From July 1, investors will have to pay 1 percent TDS on all crypto transactions. 1% TDS on sale of crypto and other virtual assets (virtual digital assets) from 1 July 2022 (TDS) Has been announced by the Central Government. In the Union Budget, Finance Minister Nirmala Sitharaman had announced a one per cent TDS. Not only TDS but other digital virtual assets including crypto and NFT (Digital Virtual Asset) 30% tax on transaction income is also announced. Therefore, while the legitimacy of crypto is being questioned, consumers will have to face the tax structure due to the new rules.
1 1% TDS reduction on cell and limit cell orders
All users will be required to complete the KYC process on or before July 1, 2022 to make any type of transaction.
IT 1% TDS can be claimed as refund when filing ITR for the financial year.
· No TDS will be levied on Bye, Limit Bye, CIP and other orders.
Clouds of frustration on crypto-
In the world of cryptocurrency, the clouds of negative transactions have darkened. Cryptocurrency prices have plummeted due to developments in the global economy. Bitcoins fell 17 percent to 22 22,000. The collapse of Bitcoin has cost crores of investors billions of rupees. Bitcoin prices have been falling for the past several weeks. Not only Bitcoin but also other cryptocurrencies have seen declines. Ichirium, Binans and XRP also fell 12-14 per cent. Bitcoin and Etherium prices have fallen by as much as 75 per cent, the highest in the history of trading.
In less days, more returns!
Young investors around the world were turning to investing in cryptocurrencies like Bitcoin. Crypto became popular in a short period of time due to the benefits of higher returns in a shorter period of time. Rising inflation and a slowing global economy have dampened investor sentiment in crypto circles. The decision to levy a tax on crypto transactions in India led to a massive influx of sales in crypto.