The Indian Crypto Community Calls for Changes in Cryptocurrency Tax Regulations
The eagerly awaited India Budget 2024 announcement by Finance Minister Nirmala Sitharaman on February 1 has sparked expectations across various sectors like crypto, finance, technology, and others. In a unique twist, the Indian crypto community has recently taken to social media with the hashtag ‘#ReduceCryptoTax,’ urging changes in cryptocurrency tax regulations.
Concerns Over Hindering Crypto Growth and Talent Exodus
Despite persistent appeals over the last two years, the government has yet to revisit these laws, causing concerns about hindering crypto growth and triggering a talent exodus.
Pushing for More Flexible Tax Slabs and Reduction in TDS
The crypto sector, through social media, is pushing for more flexible tax slabs, a reduction in Tax Deducted at Source (TDS) from 1% to 0.01% on each transaction, and the allowance of carrying forward losses, mirroring practices in the stock market.
All Eyes on Union Budget 2024
All eyes are on Union Budget 2024 for potential shifts in the crypto tax landscape.
Hot Take: Will India’s Crypto Tax Laws See Reform?
The Indian crypto community’s call for changes in cryptocurrency tax regulations has intensified ahead of the Union Budget 2024 announcement. With concerns about hindering crypto growth and triggering a talent exodus, the community is urging more flexible tax slabs, a reduction in TDS on transactions, and the ability to carry forward losses. All hopes are now pinned on the upcoming budget announcement to see if there will be any significant shifts in India’s crypto tax landscape.
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