The Central Board of Direct Taxes (CBDT) has issued guidelines to clear up confusion over the one percent tax deducted at source (TDS) on transfer of a virtual digital asset (VDA) on exchanges. The measure was announced as part of the crypto tax regime announced in the Budget 2022-23 and comes into effect on July 1, 2022. Why it matters: The tax regime was welcomed by the crypto industry stakeholders which saw the announcement as a sign of the government's open attitude towards crypto assets. The rate of taxation however, along with the one percent TDS, left a bitter taste as the industry argued that it was prohibitive and would complicate the smooth functioning of business. What is the basis for the TDS: The Indian government added a new section (194S) in the Income-tax Act, 1961, through the Finance Act…
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