The Indian government has introduced new crypto tax penalties, much to the disappointment of the crypto community. Finance Minister Nirmala Sitharaman did not mention crypto in her Budget speech this year, leaving Indian crypto companies on the Stairway to Heaven. Crypto income remains taxed at 30% while TDS stays at 1%, with failure to pay TDS on crypto transactions resulting in a penalty of an amount equal to the unpaid TDS and a 15% interest per annum. This has caused many Indian crypto proponents to voice their opinions, with many believing that the lack of a regulatory framework and high taxes are stifling progress in the industry.
Indian Government Introduces New Crypto Tax Penalties
The Indian government has introduced new crypto tax penalties, including for non-payment of crypto tax deducted at source (TDS). Crypto income remains taxed at 30% while TDS stays at 1%, with failure to pay TDS on crypto transactions resulting in a penalty of an amount equal to the unpaid TDS and a 15% interest per annum.
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