India Govt Gets ₹60.46 Cr On Crypto From TDS

December 13, 2022 Story: Divya Sinha

On Tuesday, the Indian government announced that it had received ₹60.46 Cr in taxes for transactions involving virtual digital assets.

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This was since TDS regulations were introduced in July.

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As of April 1st, the government has introduced a 30% income tax plus surcharges on the transfer of crypto assets.

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The government has also introduced a 1% TDS under Section 194S of the IT Act on payments over ₹10,000 in virtual digital currencies from July 1st.

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Under the Income Tax Act 1961, the Finance Act 2022 has inserted Section 194S to be followed by all persons involved in transactions involving a VDA regarding the deduction of tax relating to the transfer of a VDA.

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Pankaj Chaudhary, Minister of State for Finance said the CBDT conducts awareness programs for taxpayers and takes appropriate measures as required.

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Minister also added that crypto assets are unregulated in India and the government does not register foreign crypto exchanges.

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