Demand for reduction of transaction TDS on Indian crypto industries
Demand for reduction of transaction TDS on Indian crypto industries : The crypto industry has demanded the central government to reduce the 1 per cent TDS levied on cryptocurrency trading. The industry has appealed to reduce TDS from 1 per cent to 0.01 and 0.05 per cent. Sumit Gupta, CEO and co-founder of CoinDCX, said the 30 per cent tax on cryptocurrency income is exorbitant.
Which should also be reduced. Which is having a negative impact on the growth of the industry. This will reduce liquidity from the market and capital for traders.
If there is no liquidity in the market then retail investors will have to bear the brunt. True understanding and awareness is being spread in association with traders for compliance with the new tax rules. So that more and more new investors can join the crypto market.
The budget for 2022-23 announced income tax on crypto assets. Crypto transactions have been subject to a 30 per cent income tax since April 1. Notably, 28 per cent tax is levied on betting transactions including horse trading and gambling. Various crypto exchanges have appealed to determine the tax rate.
Coin DCX’s Rs 100 crore investment plan
The country’s first Unicorn Crypto Exchange CoinDCX has launched a Venture Capital Fund. Under which, in exchange crypto, blockchain startups, seed funding of Rs. It plans to invest up to Rs 100 crore.
Pingback: Samsung will launch its biggest screen tablet yet, Know about Best features » Bengol News