BIG NEWS FROM INDIA đ„đ„
- 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.
