How 1% TDS will be charged on your non-fungible tokens. 10 points
- The 1% TDS will be deducted from any Indian resident who is transferring their virtual digital assets (VDA). TDS exemption is up to ₹10,000 in a fiscal year applicable to any person other than a 'specified person'.
The cryptocurrency investment in India has witnessed another taxation called tax deducted at source (TDS). Generally, TDS applies to an individual's salary, income from deposits, savings schemes, securities, and other instruments. Bringing TDS on cryptocurrencies, non-fungible tokens (NFTs), and other virtual assets is an attempt of the Indian government to tighten the bolts for trading in this market which has no regulatory backups and comes with high risk.
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