India Keeps Crypto Tax Unchanged After 2024 Budget Meet

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India keeps the crypto tax rate unchanged after the 2024 budget meeting, despite calls for reform.

The crypto community pushed for a reduction in the TDS rate from 1% to 0.01%.

In the budget meeting for the fiscal year 2024-2025, India’s Finance Minister Nirmala Sitharaman upheld the existing tax regulations on cryptocurrencies, leaving the controversial tax-deducted-at-source (TDS) rate at 1% unchanged.

This decision follows a significant urge from the crypto sector, which had asked for a reduction of the TDS to 0.01% and requested a more progressive taxation model.

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