Industry Experts: India Unlikely to Exempt Crypto Taxes in Upcoming Budget

India is unlikely to change its controversial tax deduction (TDS) policy on crypto transactions when Finance Minister Nirmala Sitharaman unveils her full 2024-2025 budget on Tuesday, industry experts say. Punit Agarwal, founder of cryptocurrency tax platform KoinX, said: "I don't expect India to reduce the 1% TDS in the short term, although it is necessary. The current tax rate leads to capital outflows to international exchanges and DEXs, which ultimately causes losses to the government." Rajat Mittal, Supreme Court cryptocurrency tax adviser, said: "High TDS may prompt retail investors to turn to offshore exchanges, but the government's focus on strict regulation suggests that a reduction in the tax rate is unlikely. In the digital asset space, the need for strong regulation is considered more important than alleviating industry concerns." (CoinDesk)