Indian cryptocurrency players will have to comply with a government order for a 1% tax deducted at source (TDS) on all cryptocurrency and non fungible token (NFT) transactions, starting today.
What Happened: The law, which the Prime Minister Narendra Modi-led government introduced during the Union Budget in February, will be effective from July 1 (Friday) for transactions of more than 10,000 rupees ($126).
The Central Board of Direct Taxes (CBDT) under the Indian Ministry of Finance said the tax will be deducted when the sum gets credited to the resident’s account or at the time of payment, whichever …
Full story available on Benzinga.com