Using Binance in India? Tax Crackdown Targets 1% TDS Dodgers Harshly
- Indian authorities are cracking down on Binance users avoiding the 1% TDS rule.
- Traders face a 30% tax on total turnover instead of just profits.
- The government is using banking data to track and penalize non-compliant traders
India’s tax authorities intensified their crackdown on cryptocurrency traders using offshore exchanges like Binance. According to The Economic Times, the focus is on individuals who failed to comply with the mandatory 1% Tax Deducted at Source (TDS) applied to crypto transactions in India.
India’s crypto tax regulations require a 1% TDS be levied on every applicable crypto transaction. While domestic Indian exchanges implemented this requirement, reports indicate many users moved to offshore platforms like Binance specifically to bypass it. Tax authorities now target these users directly, taking stricter measures against non-compliance.
Tax on Turnover, Not Just Profits
Crypto traders are facing unexpected tax burdens based on how authorities apply taxes. Instead of taxing only profits, officials reportedly impose a flat 30% tax on the entire trading turnover (total transaction value).
For instance, a trader generating �…
The post Using Binance in India? Tax Crackdown Targets 1% TDS Dodgers Harshly appeared first on Coin Edition.
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Using Binance in India? Tax Crackdown Targets 1% TDS Dodgers Harshly
- Indian authorities are cracking down on Binance users avoiding the 1% TDS rule.
- Traders face a 30% tax on total turnover instead of just profits.
- The government is using banking data to track and penalize non-compliant traders
India’s tax authorities intensified their crackdown on cryptocurrency traders using offshore exchanges like Binance. According to The Economic Times, the focus is on individuals who failed to comply with the mandatory 1% Tax Deducted at Source (TDS) applied to crypto transactions in India.
India’s crypto tax regulations require a 1% TDS be levied on every applicable crypto transaction. While domestic Indian exchanges implemented this requirement, reports indicate many users moved to offshore platforms like Binance specifically to bypass it. Tax authorities now target these users directly, taking stricter measures against non-compliance.
Tax on Turnover, Not Just Profits
Crypto traders are facing unexpected tax burdens based on how authorities apply taxes. Instead of taxing only profits, officials reportedly impose a flat 30% tax on the entire trading turnover (total transaction value).
For instance, a trader generating �…
The post Using Binance in India? Tax Crackdown Targets 1% TDS Dodgers Harshly appeared first on Coin Edition.
Read More
Binance Vote Fuels Divergence: BIGTIME Pumps 60% While Pi Community Fumes