2023-08-29 02:44
Avoiding common investment mistakes is crucial to achieving your financial goals and building a successful investment portfolio. Here are some key investment mistakes to steer clear of:
La… Read More
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India 1% Tds On Cryptocurrency Blog
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Tax Deducted at Source or TDS in short, is the income tax deducted from payments made at the time they are made. A person who owes a particular amount to another person is expected to deduct tax at the source and remit it to the Central Government under this principle.
The Central Board of Direct Taxes (CBDT) issued a circular on June 22, 2022, clarifying the tax deduction method for virtual digital assets (VDA) transactions and cryptocurrencies. The new TDS guidelines on VDA and crypto came into effect on July 1, 2022. To say it another way, when you sell a cryptocurrency, you (or the exchange facilitating the transaction) should indeed subtract and withhold 1% of the transaction value as TDS, which is subsequently paid to the government. The Central Board of Direct Taxes (CBDT) has indicated that the tax payments can be deducted by the exchange itself under section 194S. It means that an Indian person selling Bitcoin, Ethereum, Tether, BNB, Shibu Inu, Solana, or Dogecoin, among other cryptocurrencies, will receive 1% less the value of their assets at the selling price. Experts have ambivalent views about the new TDS. Some believe that this will hinder investment in cryptocurrencies, which will harm the business. While several bitcoin platforms in the nation have begun to implement the change and educate investors, TDS charges on the transfer of virtual digital assets are now required under the new laws. Indian investors should also keep in mind that TDS would be levied even if they have already paid 30% income tax on their profits or gains. Both are distinct tax liabilities that must be resolved separately. However, if the amount of income tax owed is less than the number of TDS deducted, investors can claim the discrepancy as a refund when filing an ITR.
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Definition of Sensex
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A GUIDE TO MUTUAL FUNDS
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Definition of Stock Valuation
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Five No Balls you must never make in stock market trading are the following:
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