Search
Crypto platforms introduce new products to save tax
February 21, 2022
As investors explore ways of saving tax on their cryptocurrency investment, crypto platforms are introducing new products.
They are hoping to earn interest on their crypto stores or draw loans against cryptocurrencies, without attracting the new tax.
The budget proposed a 30% tax on returns from digital currencies and a 1% Tax Deducted at Source (TDS) on digital assets.
The government has not used the term “cryptocurrency” in the budget plan, but instead “virtual digital assets.”
This implies there won’t be any expense on crypto-based items, financial backers said.
“The manner in which the regulations are today, investors who put resources into crypto-based products ought not to be covered either under the 1% TDS, or 30% assessment on pay. Notwithstanding, we have looked for lucidity on this from the government and will be moving toward them in such manner,” said Darshan Bathija, co-founder and CEO of Vauld, a Singapore-based cryptocurrency exchange.
Crypto platform executives say assuming that there is no expense rate on crypto-based products, could lead to greater demand from investors.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://ask.careers/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/
- Mumbai: https://ask.careers/cities/mumbai/
- TSCFM: https://ask.careers/institutes/tscfm/
