Who will deduct the TDS in crypto transactions?
Abeer
Last Update há 2 anos
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.