All you need to know about TDS on cryptos in 5 points
Sandeep Sehgal, Tax expert, and Partner at AKM Global breaks down the intricacies of TDS on crypto transfers for Business Today readers.
- Jun 30, 2022,
- Updated Jun 30, 2022 5:05 PM IST
TDS on crypto transfers would be applicable from July 1. Sandeep Sehgal, Tax expert, and Partner at AKM Global breaks down the intricacies of TDS on crypto transfers for Business Today readers.
If the transaction is being carried out for cash consideration, both the broker and exchange are required to deduct the tax. But, there too if the exchange and broker can agree in writing, in that case, only the broker will pay the tax. But if the transaction is in kind, ordinarily both the parties would deduct the tax as mentioned in reply to the previous question but there too, the onus to deduct tax can be shifted to the exchange or broker through the written agreements.
TDS on crypto transfers would be applicable from July 1. Sandeep Sehgal, Tax expert, and Partner at AKM Global breaks down the intricacies of TDS on crypto transfers for Business Today readers.
If the transaction is being carried out for cash consideration, both the broker and exchange are required to deduct the tax. But, there too if the exchange and broker can agree in writing, in that case, only the broker will pay the tax. But if the transaction is in kind, ordinarily both the parties would deduct the tax as mentioned in reply to the previous question but there too, the onus to deduct tax can be shifted to the exchange or broker through the written agreements.