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The crypto industry has asked the government to reduce the TDS on the payments towards gains arising from trading in crypto to 0.01 or 0.05 percent, from the proposed 1 percent, saying it will hurt retail traders.

CEO of CoinDCX and co-founder Sumit Gupta has stated that a 30% tax on income from cryptocurrencies is on the higher side and should be lowered. “If we talk about the industry level then we are engaging with the government and also, we have submitted the presentation on how 30% tax and more than that 1% TDS is determined to the growth of the industry.” Gupta further reported.

He also said CoinDCX has new tax norms if we talk about the engagement of traders on this platform. He further said, “We will try to make it simple from our end but will still continue to engage and keep the dialogue open with the Government asking to bring the percentage of TDS to bring down.”

The budget for 2022 – 23 has clarified with regard to the levy of income tax on crypto assets. From April 1, 30% income tax plus cess and surcharges will be levied on such transitions as done in case of winnings from horse races or other speculative transactions.

It also came that in the budget of 2022-23 1% TDS will be proposed towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient. The limit for TDS would be Rs. 50,000 a year for specified persons, which will include individuals, and HUFs who are required to get their accounts audited under the I-T Act.

The provision related to 1% TDS will come into effect from July 1, 2022, while the gains will be taxed effective April 1.



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