Who will deduct the TDS in crypto transactions?

Abeer

Last Update vor 7 Monaten

According to the new provision presented by our Finance Minister Nirmala Sitharaman, she clearly stated that, on every cryptocurrency trade, the buyer must deduct 1% of the sale consideration as an advance tax on behalf of the seller.

Every transaction on a crypto exchange imposes a fee known as a broking fee. Because of the frequent transactions, short term traders account for a significant proportion of their revenue. Exchanges are now concerned that the new rule will drive them away, as frequent traders may run out of funds if 1% TDS is deducted from each deal.

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