Indian Web3 Community Urges Changes in Cryptocurrency Tax Regulations Ahead of Union Budget 2024 Announcement
As India's Finance Minister prepares to announce the budget provisions for the fiscal year 2025, the web3 community in India is calling for changes to cryptocurrency tax regulations. The community is using the hashtag '#ReduceCryptoTax' on social media to express their demands, which include more flexible tax slabs, a reduction in the Tax Deducted at Source (TDS) from 1% to 0.01% on each crypto transaction, and the ability to carry forward losses. The crypto sector argues that current tax laws hinder crypto growth in India and lead to a talent exodus to more crypto-friendly nations. The community is also advocating for clear legal frameworks, tax regularization, and policies fostering innovation and research in the digital asset space.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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