Crypto industry urges FM to rethink proposed 1% TDS
By MYBRANDBOOK
The crypto industry has reached out to the finance ministry, seeking to either reduce or eliminate the 1% tax deducted at source proposed on the proceeds of all crypto transactions, as the Finance Bill will be approved in the Parliament session.
Top crypto players are taking up the demand with the ministry through the Blockchain and Crypto Assets Council, which is part of the Internet and Mobile Association of India, and startup industry body IndiaTech.
The industry asked the finance ministry to relook at 30 percent tax on income from transactions in crypto assets, saying the tax is levied without waiting for the receiver to sell it and book any profit. Industry experts are of the view that crypto-assets taxation requires more deliberation before implementation as the budget proposals lack clarity on many issues.
Finance Minister Nirmala Sitharaman proposed a 30 percent tax on gains made from any virtual digital assets from April 1. The budget has also proposed a 1 percent TDS on payments towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient.
The Reserve Bank of India (RBI) Governor Shaktikanta Das reiterated that private cryptocurrencies are a threat to macroeconomic and financial stability. His remarks come after the Budget 2022-23 proposed a 30 percent tax on gains made on crypto assets from the financial year beginning April 1.
BREAKING NEWS
TECHNO TRENDS
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
AMD Pensando driving innovation in the DPU architecture space
AMD Pensando stands out in the DPU (Data Processing Unit) market with its u
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
SAMRIDDHI AUTOMATIONS PVT. LTD.
ZOHO CORPORATION PVT. LTD.
ADITYA INFOTECH LTD.
TP-LINK INDIA PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SANTHOSH VISWANATHAN
Santhosh Viswanathan is the the Vice President and Managing Director f...
Icons Of India : Dilip Asbe
At present, Dilip Asbe is heading National Payments Corporation of Ind...
Icons Of India : Deepak Sharma
Deepak Sharma spearheads Schneider Electric India. He brings with him ...
PARTNER SPEAKERS
PSU
ECIL - Electronics Corporation of India Limited
ECIL is distinguished by its diverse technological capabilities and it...
ITI - ITI Limited
ITI Limited is a leading provider of telecommunications equipment, sol...
NSE - National Stock Exchange
NSE is the leading stock exchange in India....
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - George Kurian, CEO, Netapp
George Kurian, the CEO of global data storage and management services ...
Indian Tech Talent Excelling The Tech World - Rajiv Ramaswami, President & CEO, Nutanix Technologies
Rajiv Ramaswami, President and CEO of Nutanix, brings over 30 years of...
Indian Tech Talent Excelling The Tech World - PADMASREE WARRIOR, Founder, President & CEO - Fable
Padmasree Warrior, the Founder, President, and CEO of Fable, is revolu...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
