Indian Experts Demand Crypto Tax Reduction in 2024 National Budget

• There is a heightened expectation among the Indian crypto community ahead of the 2024 budget release.
• Crypto experts in India want changes in the classification and taxation of VDAs.
• Most experts want the government to reduce the Tax Deducted at Source from 1% to 0.01%.

Indians look forward to the release of the country’s interim economic blueprint for 2024, and there is heightened expectation among the Indian crypto community. Crypto users in India are eager to see this year’s regulatory plan and how the government wants to deal with virtual digital assets (VDAs).

According to reports, top on the list of crypto experts in India is the need for changes in the classification and taxation of VDAs. Many experts demand that the government remove the 1% Tax Deducted at Source (TDS). 

Crypto analysts think the TDS  sets the Indian crypto industry backward by hampering investors’ participation. They argue that it attracts capital losses with each trade, discouraging potential investors from entering the crypto market.

Rajagopal Menon, Vice President of WazirX, hopes the finance ministry will reduce the TDS from 1% to 0.01%. Menon also wants the offsettin…

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