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Crypto traders dodging TDS via Binance under I-T lens

Summary by The Economic Times
Over the past few weeks, the Indian Income Tax department has been investigating whether the 1% TDS on crypto transactions via Binance has been duly collected. They are asking traders to provide proof of TDS deduction or substantiate its non-applicability. This scrutiny includes demands for tax returns to verify the sources of crypto funds.
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Coin EditionCoin Edition

Using Binance in India? Tax Crackdown Targets 1% TDS Dodgers Harshly

Indian authorities are cracking down on Binance users avoiding the 1% TDS rule. Traders face a 30% tax on total turnover instead of just profits. The government is using banking data to track and penalize non-compliant traders India’s tax authorities intensified their crackdown on cryptocurrency traders using offshore exchanges like Binance. According to The Economic Times, the focus is on individuals who failed to comply with the mandatory 1% T…

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The Economic TimesThe Economic Times

Crypto traders dodging TDS via Binance under I-T lens

Over the past few weeks, the Indian Income Tax department has been investigating whether the 1% TDS on crypto transactions via Binance has been duly collected. They are asking traders to provide proof of TDS deduction or substantiate its non-applicability. This scrutiny includes demands for tax returns to verify the sources of crypto funds.

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Bitcoin Ethereum NewsBitcoin Ethereum News

Binance Users in India Receive Tax Notices Over TDS Compliance

The post Binance Users in India Receive Tax Notices Over TDS Compliance appeared on BitcoinEthereumNews.com. Many Indians trading on the world’s largest crypto exchange, Binance, have come under the glare of tax authorities. As reported by The Economic Times,  the Income Tax (I-T) department has been investigating whether the 1% Tax Deducted at Source (TDS) levied on such transactions has been properly collected. Over the past few weeks, local i…

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Bitcoin Ethereum News broke the news in on Tuesday, April 1, 2025.
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