Today in this post we will discuss about “rajkotupdates.news : government may consider levying tds tcs on cryptocurrency trading” and latest update about the cryptocurrency trading news.
As of my knowledge cutoff date, which is September 2021, there were reports that the Indian government was considering levying TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) on cryptocurrency trading.
However, it is important to note that this information may have changed or evolved since then, as cryptocurrency regulations are still evolving and subject to ongoing discussions.
rajkotupdates.news on cryptocurrency trading
TDS is a tax collection mechanism in which a certain percentage of tax is deducted at the time of payment. TCS, on the other hand, is a tax collection mechanism in which the seller collects tax from the buyer at the time of sale.
The proposed TDS and TCS on cryptocurrency trading would have been aimed at regulating and taxing cryptocurrency transactions, which have been largely unregulated in India so far.
It is worth noting that the Indian government has been exploring the possibility of regulating cryptocurrencies for some time. In 2019, the government had proposed a bill to ban cryptocurrencies, but it has not been passed into law. Instead, the government has been working on a new bill that aims to regulate cryptocurrencies rather than banning them outright.
The proposal was reportedly discussed at a meeting of the Central Board of Direct Taxes (CBDT) in August 2021. The CBDT is the apex body that governs the direct tax system in India. According to reports, the CBDT discussed the possibility of levying TDS and TCS on cryptocurrency transactions to bring them under the tax net.
However, it is important to note that at the time of this writing, there has been no official announcement or confirmation from the Indian government regarding the implementation of TDS and TCS on cryptocurrency trading.
The government is still in the process of formulating its stance on cryptocurrency regulation, and any such decision would likely be subject to further discussion and debate.
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