Dear Reader, are you a lover of Crypto? Based on the news Rajkotupdates.news: Government May Consider Levying Tds Tcs on Cryptocurrency Trading. The Indian government is taking action and considering imposing a tax deduction at source (TDS) and tax collection at source (TCS) on cryptocurrency trading in Indian People.
The Indian government is trying to regulate the market and misuse of money like money laundering, tax evasion, and other criminal activities associated with cryptocurrencies matters.
The design behind is expected to generate an additional revenue source for the government and provide a boost to the country’s economic growth. In this blog, we will details discuss the potential impact of the Crypto traders TDS and TCS on cryptocurrency trading in India.
What are TDS and TCS In India?
TDS is a tax deduction way of government in which a fixed percentage of the payment is withheld at the source of income which you generated. TDS is deducted by your company or payer and deposited with the government on behalf of the payee.
CS is a similar way in which a percentage of the sale amount is collected by the seller and deposited with the government directly. To guarantee that taxes are collected at the source and to avoid tax evasion, TDS and TCS are utilized.
Why is the government considering TDS and TCS on cryptocurrency trading?
Cryptocurrencies are not yet legally regulated in India, and there is no type of guidance on their taxation system. The government issue is that cryptocurrencies could be used for any illegal activity for money laundering, tax evasion, and other criminal activities which is not good for the government.
The proposed TDS and TCS on cryptocurrency trading would ensure that taxes are collected at the source and prevent tax evasion. This decision is the best decision of the Indian government because with this type of tax our county’s wealth growth up.
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