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India’s crypto exchanges cheer the clarification issued on new tax rules

·1 min read
India’s crypto exchanges cheer the clarification issued on new tax rules

The Indian government has brought in some much-needed clarity—and cheer—in the matter of taxing digital token transactions. The union budget for 2022-23 had declared a 30% tax on income from cryptocurrencies from the new financial year and a 1% TDS on all crypto transactions starting July 1. On June 22, however, the central board of direct taxes (CBDT) clarified (pdf) how firms could comply with the revised tax.