Hey guys Welcome back to my post And finally, government dreams come true. And they earned a very good amount from the TDS. You know adoption is increasing in India And in the big cities, youths are adopting cryptocurrency even after harsh crypto rules in the crypto. If you see the Chinalaysis global Crypto Index, then you can see that India is number one there. It placed first in there. It is because of the adoption of cryptocurrency in India. If you want to know the popularity of cryptocurrency in India, then you can see the data, according to data, the government earned 1260 crore rupees from the TDS. TDS full form is tax deducted at source and this is applied because the government wants to know the details of crypto-related transitions This is also applicable to online gaming.
Govt gets 1080 crore rupees from online gaming and 180 crore rupees from cryptocurrency However they would have earned more if they applied fair tax rules on Crypto, but they did wrong by applying higher tax on the cryptocurrency. That is why they are earning low on the name of TDS also, they will get less tax because of these harsh rules. However, the people who deposited TDS are going to pay the taxes as well. If they had implemented fair tax rules, more people would have paid taxes and earned more.
Let me tell you that the government had included a new section, 194BA in the Income-Tax Act 1961 in the Finance Act of 2023. the government applied 30% on the 1 April 2022. so after this tax rule, they are focusing on accumulating more TDS and recently, they have done some strict actions and banned international cryptocurrency exchanges And you know these exchanges are big. Binance itself is included in this list and you know that binance owns lots of Crypto users from India, most of the Crypto users from India use Binance exchange for trading and holding the cryptocurrency.
So this is not good news for the cryptocurrency holders of India, because they have already applied higher taxes, and now they are banning international exchanges because of this Many Indian Crypto users have returned to Indian Crypto exchanges And because of this, it would be easy to accumulate TDS for them. People expected relief in the tax rules from this budget but their hopes failed So now they are expecting something after the election. So let’s see what will happen. I don’t think the current government will work for the cryptocurrency So India will not see good days for the cryptocurrency users. Do not forget to share this post on social media and follow me on hive. Thank you.
Lucky Ali
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |