Local crypto businesses pushed for a reduction in the 1% TDS to 0.01% to revive its customer base.
IndianFinance Minister Nirmala Sitharaman’s 2024 Union Budget speech on July 23 failed to mention cryptocurrencies, leaving the existing tax regulations unchanged.
Local crypto advocates pushed for a reduction in the current 1% tax deducted at source (TDS) to 0.01%, which has been blamed for the Indian industry’s lackluster performance.
However, the current crypto taxation rules in India were left unchanged on Tuesday’s budget presentation, the first since Prime Minister Narendra Modi was elected for a third term in office.
