Yugocean
Valued Contributor
The Government of India has given some clarity in the matter of taxing digital asset transactions. The government imposed heavy burden of taxes in the Union Budget for 2022-23 to discourage people from cryptocurrencies.
A short explanation
Due to the ambiguity in the taxation, no one is able to understand anything. On June 22, the tax authorities issued guidelines for TDS tax, according to which exchanges will have to deduct tax on behalf of crypto user in transactions and pay the tax within 30 days from the end of the same month. Users claiming refund have to show TDS certificate issued to the payee within 15 days from the due date of payment of tax.
Indian crypto companies are unhappy, reason is, tax is high, which will cause many problems while dealing with the value of crypto. Foreign crypto trading platforms operating online are incontrollable, so there is a fear of Indian companies losing Indian market.
A short explanation
Due to the ambiguity in the taxation, no one is able to understand anything. On June 22, the tax authorities issued guidelines for TDS tax, according to which exchanges will have to deduct tax on behalf of crypto user in transactions and pay the tax within 30 days from the end of the same month. Users claiming refund have to show TDS certificate issued to the payee within 15 days from the due date of payment of tax.
Indian crypto companies are unhappy, reason is, tax is high, which will cause many problems while dealing with the value of crypto. Foreign crypto trading platforms operating online are incontrollable, so there is a fear of Indian companies losing Indian market.
