In India, how taxes work has changed a lot in recent years. Crypto is now seen as an asset that is taxed according to the provisions detailed in the Income Tax Act. Traditional rules for capital gains tax from selling assets often look at how long you held them. However, when it comes to cryptocurrencies, the law treats them differently under Section 115BBH of the Income Tax Act, 1961.
Crypto Taxation In India
Money made from buying, selling, or swapping cryptocurrencies gets a 30% flat tax plus an extra 4% fee. This rate is the same for both short-term and long-term profits. It’s different from traditional ways of taxing profits from investments where keeping something for a certain time may change the tax rate.
A reform in the crypto tax regime came in the form of Section 194S on July 01, 2022. This section mandates a 1% Tax Deducted at Source (TDS) on the transfer of crypto assets, provided the crypto transactions exceed ₹50,000 within the same financial year. In some situations
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