The issue of 1% tax at source (TDS), one of the controversial provisions of India’s crypto tax law, will reportedly be clarified in two months.
According to the news of CoinDesk, citing sources with knowledge on the subject, the TDS provision of India’s crypto tax law is expected to be clarified in two months. The source said the government will provide “procedural clarity” on this issue within two months. In other words, the government will clarify how the TDS will be calculated and how exchanges will share the data with the government, rather than the procedure.
As we mentioned earlier, the provision in question was met with backlash from the country’s crypto businesses. The TDS, a liability imposed on exchanges that pay taxes on behalf of sellers on the platform, is expected to take effect on July 1. Another provision applying a 30% capital gain on all transactions entered into force as of April 1.
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