1% TDS Rule On Crypto & Virtual Digital Assets Kicks In; How Will It Impact You? | Startup Central

The Finance Ministry in February had announced that a 1% TDS will be deducted on transactions for virtual digital assets (VDAs) and cryptocurrencies. This comes into effect from July 1st. Starting today, tax will be deducted at source of the transaction while trading crypto assets and NFTs.

In a circular, the Central Board of Direct Taxes (CBDT) has issued guidelines on the levy of TDS. On this episode of #StartUpCentral, Nayantara Rai caught up with Sarmad Nazki, Chief Financial Officer, CoinSwitch to decode who pays this tax? Where will it be deducted from? How will the crypto market be impacted?
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