TDS on Crypto from 1st July by codingdefined

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hive-167922 · @codingdefined · Jun 29 '22

$4.64

TDS on Crypto from 1st July

In the Indian finance bill of 2022, TDS (Tax Deducted at Source) on crypto was introduced where we have to pay 1% TDS for buying any digital assets/crypto. Now as a buyer and sellers we do not have to think much about it because this can be done by the Indian Exchanges. So yes, if we are buying/selling any digital assets from the 1st of July we have to pay 1% TDS.

![image.png](https://images.hive.blog/DQmSSN2kpbgCJUhQpeqKMPLwmSwcrVWmd73dznTQr1nYab9/image.png)
PC: Pixabay.com

Any trade that happened before the 1st of July, will not get affected. In simply put, TDS will not be deducted if we are buying Crypto using INR but if we are selling the Crypto for INR then we have to pay TDS. If we are buying/selling Crypto assets by paying any other crypto assets then we have to pay the TDS for both buying and selling.

For example, if I am buying Bitcoin for Rs 100 from INR, there is no Tax, but if I am selling the same Rs 100, I have to pay Rs 1 as TDS and I will be getting Rs 99. And if I am buying 10 ETH from 1 Bitcoin then I have to pay 1.01 BTC as .01 Bitcoin would be paid as TDS. Similarly, if I have to sell 10 ETH for 1 Bitcoin, I will get 0.99 BTC i.e. 1% TDS.

So yes along with the 30% Crypto Profit Tax we also have to pay 1% TDS in every buying and selling if done through crypto, whereas if done through INR we only have to pay tax on selling. The problem is mainly for the intraday traders because they do so many trades and thus every time they have to pay the 1% TDS, which is nothing but overhead for each of us.

Do let me know if you have any other questions on TDS.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@codingdefined/tds-on-crypto-from-1st-july)

👍 leo.voter, newhope, sanjeevm, arcange, bala41288, p-hive, arunava, brofi, pouchon, sbi3, hive-143869, r1s2g3, utopis, listnerds, marianaemilia, fengchao, steemaction, beyondhorizonmm, laruche, namelessnameless, bitrocker2020, smartvote, gniksivart, cleanplanet, raiseup, steemitboard, neoxiancity, dlike, ireenchew, ew-and-patterns, kannannv, uwelang, megavest, rufans, potta, kevinwong, pardinus, enjoyinglife, leofinance, kanibot, portugalcoin, rmsadkri, khaleelkazi, sanjeev021, brofund, balaz, chandra.shekar, walterjay, vintherinvest, soyuntito, break-out-trader, anna89, cielitorojo, raphaelle, shainemata, abeerhunter, shaidon, preeti, dragonmk47, lordtimoty, ctptips, mrhaldar, photolovers1, babytarazkp, and 70 others

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@heskay · Jun 29 '22

RE: TDS on Crypto from 1st July

I think this 5ds is actually the best tho. It will allow the fre exchange of crypto assets 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@heskay/re-codingdefined-4a6kzq)

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@codingdefined · Jul 2 '22

RE: RE: TDS on Crypto from 1st July

TDS is not good, because then we have to pay 1% each time when trading cryptos.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@codingdefined/re-heskay-6mfkb4)

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@heskay · Jul 2 '22

Wao, that much if you'd be transacting more than once a day

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@india-leo · Jun 29 '22

Indiaunited Curation 1656513465508

This post has been manually curated by @bhattg from Indiaunited community. Join us on our [Discord Server](https://discord.gg/bGmS2tE). 

Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators. 

<sub>**Please contribute to the community by upvoting this comment and posts made by @indiaunited.**</sub>

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@islandboi · Jun 29 '22

I can live with 1% TDS but not 30% tax on profit.

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@codingdefined · Jul 2 '22

RE: RE: TDS on Crypto from 1st July

That's true, we will just wait to see the real picture

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@codingdefined/re-islandboi-7qcvxy)

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@punkblogs · Jun 29 '22

Same bro

👍 islandboi

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@punkblogs · Jun 29 '22 (edited)

I've also heard of adding 30% tax on withdrawal of crypto to our bank account. Can you clear my doubts regarding this scenerio?

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@codingdefined · Jul 2 '22

RE: RE: TDS on Crypto from 1st July

Yes, you have to pay 30% Tax on profit when you are withdrawing.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@codingdefined/re-punkblogs-2u4fy3)

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@punkblogs · Jul 2 '22

Yes bro that's the worst part

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@theindiankid · Jun 29 '22

Yes, TDS is a way to get the real figures of crypto user. However it is overhead but despite all this i don't just consider it overhead as government doesn't want to give a comfortable condition to crypto users. Their intention is to clearly discourage cryptos in Indian economy

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@codingdefined · Jul 2 '22

RE: RE: TDS on Crypto from 1st July

Yes we are seeing a lot of opposition from the government, let's see what lies ahead

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@codingdefined/re-theindiankid-3la3vz)

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