Today Head of Finance at CoinDCX – Vinay Tiwari will be answering frequently asked questions on 1% TDS on Crypto in India. 📝
What is TDS?
Tax Deducted at Source (TDS) was introduced with an aim to collect tax from the very source of income, by the government.
1% TDS on Crypto Explained 🔎
According to the revised Income Tax regulations, the 1% TDS will be applicable with effect from July 01, 2022, onwards on all sell transactions of crypto assets and NFTs. However, this amount may be claimed as a refund while filing ITR for the financial year if income tax payable is less than the TDS deducted.
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Is 1% TDS on Crypto Mandatory?
Yes, as per revised Income Tax regulations, the TDS of 1% will be applicable with effect from July 01, 2022, onwards on ALL SELL TRANSACTIONS OF CRYPTO ASSETS AND NFTS. However, this amount may be adjusted or claimed as a refund while filing ITR for the financial year.
How will 1% TDS on Crypto in India impact investors?
If a crypto investor invests INR 1,00,000 at the beginning of FY2022, and by the end of FY2022, the crypto was sold for INR 1,50,000, a TDS of 1% will be applicable on the total value of the transaction i.e. Rs. 1% of INR 1,50,000 which is INR 1,500. This shall be deducted by the exchange/ CoinDCX against the PAN details of the seller and deposited to the Government on behalf of the seller.
Who will deduct 1% TDS investor or crypto exchange?
The 1% TDS is to be deducted from the sum payable on the sell value of crypto assets belonging to them. The exchange shall deduct the TDS before making payment to a user for selling any crypto asset.
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0:00 – 1% TDS on Crypto?
0:30 – What is TDS?
0:44 – Budget 2022 on 1% TDS
1:02 – TDS on Payments
1:27 – TDS on Crypto
1:56 – Who will be liable to pay 30% Crypto Tax
2:18 – Is KYC mandatory on CoinDCX?
2:31 – When will the 1% TDS Apply?
2:44 – Is 1% TDS Applicable on all Crypto Transactions?
2:59 – How to check your 1% TDS Deductions on Crypto?
3:22 – Is TDS Applicable on CoinDCX CIP, Earn, & Referral
3:55 – 1% TDS on Crypto Trade in CoinDCX Pro App
4:20 – 1% TDS on Crypto to Crypto Pairs
4:51 – How will TDS be computed in case of Margin Long?
5:35 – Can you avoid 1%TDS on Crypto?
5:52 – Conclusion
►To know more about crypto tax in India, read our detailed Crypto Taxation Guide:👇
► 1% Crypto TDS Guide with Infographics
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