Starting 1st of April 30% tax on income from crypto and other virtual assets will come into effect and 1% TDS will come into effect from 1st of July. I am not sure whether the tax will be charged by the Indian crypto exchange or a user has to separately pay it. Does anyone here have the answers? If yes then, please reply here.
All persons who make a gain on sale of crypto needs to pay taxes at 30% in their tax returns.
The TDS portion is probably applicable to the exchanges while paying out more than INR 10,000 in single payment or INR 50,000 in aggregate to the customer. So the exchange will deduct TDS on payment to customer and the customer can claim the credit of this 1% tax in the tax return.