Nirmala Sitharaman's announced on cryptocurrency tax that why the government has imposed 30% cryptocurrency + 1% TDS
Cryptocurrency Tax: Finance Minister Nirmala Sitharaman's announcement on 30% crypto tax in India + 1% TDs on crypto transfers. Finance Minister Nirmala Sitharaman said today (April 19, 2022) that the taxation of income from cryptocurrencies and other virtual digital assets should be seen as a step towards legitimizing it. Rather, it is a way of checking the source and track, but not legitimizing it, the finance minister said. "We did not say it was currency. We did not say it had intrinsic value, but certain activities are taxable for the sovereign and that is why we taxed," the news agency PTI quoted Sitharaman as saying during a high-level panel discussion organized by the International Monetary Fund (IMF).). "We did announce that on the income generated from the transactions of these crypto assets will be taxed at 30 percent and on top of that, there is a 1 percent tax deduction at the source that is also levied on each transaction. That way we will be able to kn