While the 1% TDS and 30% tax on crypto gains which took effect in 2022 threw open a seemingly lucrative business opportunity, startups which rushed to make the most of it are now back to the drawing board. Here’s why.
On February 1, 2022, when finance minister Nirmala Sitharaman introduced 1% tax deducted at source (TDS) and a 30% capital gains tax on crypto transactions, it was met with mixed response from the industry. Even as exchanges welcomed the move since the new rule effectively legitimised cryptocurrencies in India at a time when there were fears of a ban on the asset class by the Reserve Bank of India (RBI), investors were disappointed for obvious
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