The government could be looking into taxing crypto trading with TDS (Tax Deducted at Source) and TCS (Tax Collected at Source). Rajkotupdates.news broke the news first – they’re a website dedicated to bringing you all the latest news from Rajkot, India.
The move is seen as a huge step forward for the cryptocurrency market, providing more accountability and transparency. It will help governments keep an eye on transactions, ensuring that taxes are paid correctly – rather than slipping through the gaps in the system. This will be a huge benefit to both traders and governments around the world!
This move could have a pretty huge effect on cryptocurrency traders in India because it would mean that they would be taxed on any profits they make from trading crypto. It’s unclear how the government plans to go about enforcing this, so we’ll have to wait and see how it all pans out.
The Indian government is thinking of putting TDS and TCS taxes on crypto trading to make crypto more transparent and accountable.
RajkotUpdates.news reported that the Indian government may soon be implementing a move to force crypto traders to pay taxes on their profits! This could have a massive effect on the market in India and could lead to even more regulation of the sector.