India’s Finance Minister: There is still a glimmer of hope in reducing tax deduction at source (TDS) for the cryptocurrency industry
India has not made any changes to the controversial source tax deduction (TDS) policy that affects the cryptocurrency industry. Finance Minister Nirmala Sitharaman announced the budget in parliament on Thursday, and expectations for harsh taxes on cryptocurrency transactions (including a 30% tax on profits and a 1% TDS on all transactions) are low. However, due to the efforts of the Indian cryptocurrency industry and a think tank, there is still hope for reducing TDS. Overall, due to the upcoming elections in India in the next two months, expectations for this budget in the financial sector are low. Sitharaman stated that there will be no changes in direct and indirect taxes.
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