There are currently no changes in India’s Tax Deduction at Source (TDS) policy affecting the cryptocurrency industry. Finance Minister Nirmala Sitharaman unveiled the budget in Parliament on Thursday. Expectations are low for changes to the onerous taxes levied on cryptocurrency transactions, including a 30% tax on profits and a 1% TDS on all transactions.
However, there is a glimmer of hope for lowering TDS, thanks to the efforts of the Indian cryptocurrency industry and a study by a think tank. Overall, expectations in the financial sector are low for this budget as India will hold general elections in the next two months. Sitharaman said there will be no change in both direct and indirect taxes. (CoinDesk)