For a few months now, there have been rumors that India's finance department will take steps to lower the tax rate on crypto, but nothing has happened.

- India's finance minister, Nirmala Sitharaman, presented the budget
without introducing any changes to the controversial tax deducted at
source (TDS) policy affecting the crypto industry.

- The existing TDS policy includes a 30% tax on profits and a 1% TDS on all crypto transactions.

-
Despite efforts from the domestic crypto industry and a think tank
advocating for a reduction in TDS, no changes were announced in the
budget.

- The Indian crypto industry has been urging the government to reduce the 1% TDS since its introduction two years ago.

-
The TDS policy has led to the movement of many crypto transactions
offshore, impacting revenue, and the recent budget did not address the
industry's concerns.

$BTC

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