India to impose a 30% tax on cryptocurrency transactions
Indians will start paying capital gains tax on crypto transactions from April 1
25.03.2022 - 15:15
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What’s new? India’s crypto tax law will come into effect on April 1, CoinDesk reports. Indians will start paying a capital gains tax of 30% on crypto transactions. Also, Indian residents will have to pay a 1% tax deducted at source (TDS) and taxes on crypto gifts, without the ability to make deductions for losses.
What preceded it? In February this year, Indian Finance Minister Nirmala Sitharaman announced the introduction of a capital gains tax for cryptocurrencies. At the same time, a petition was created on change.org calling for a 30% reduction in the tax rate.
Earlier, the Advertising Standards Council of India (ASCI) issued guidelines on cryptocurrency advertising. It said that the cryptocurrency companies must include a disclaimer in all their advertisements. The new rules will take effect on April 1.
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