Highlights

  • WazirX saw trading volumes plummet 63.11%
  • CoinDCX shed 64.64% in trading volume

Latest news

Rahul Gandhi slams PM Modi, accuses BJP of 'protecting' rapists

Rahul Gandhi slams PM Modi, accuses BJP of 'protecting' rapists

Dominant India demolish Zimbabwe in first ODI in Harare

Dominant India demolish Zimbabwe in first ODI in Harare

'Koffee With Karan 7' Twitter reaction: Vicky Kaushal and Sidharth Malhotra manifest a spicy brew

'Koffee With Karan 7' Twitter reaction: Vicky Kaushal and Sidharth Malhotra manifest a spicy brew

Borna Coric spoils Rafael Nadal's return, beats him at the Cincinnati Open

Borna Coric spoils Rafael Nadal's return, beats him at the Cincinnati Open

‘Koffee With Karan 7’: Vicky Kaushal on comparison with Ranbir Kapoor and Ranveer Singh

‘Koffee With Karan 7’: Vicky Kaushal on comparison with Ranbir Kapoor and Ranveer Singh

Crypto crises in India continues; new TDS rule brings down trading volume

Indian govt introduced a tax regime for digital assets in February, consisting of the TDS and a flat 30% tax on income from crypto investments

The 1 per cent tax deducted at source (TDS) on virtual digital assets (VDAs) and cryptocurrencies is another chaos in India’s crypto space.

Also read/watch| EV companies under fire, govt sends show cause notice

Three Cryptocurrency exchanges -- ZebPay, WazirX and CoinDCX -- suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax-deductible at source became effective on July 1, as compared to previous three-day periods in late June.

The TDS rule states that all trades involving the sale and transfer of crypto assets will be charged a 1 percent fee on the seller's end. The 1% TDS rule, which was proposed earlier this year in Budget 2022, has been introduced through a new section 194S in the Income-tax Act.

The government introduced a tax regime for digital assets in February, consisting of the TDS and a flat 30% tax on income from crypto investments. It also banned offsetting of losses on such assets, treating them differently from stocks and bonds.

Up Next

Crypto crises in India continues; new TDS rule brings down trading volume

Crypto crises in India continues; new TDS rule brings down trading volume

This country is encouraging its sober young people to drink more to boost economy

This country is encouraging its sober young people to drink more to boost economy

Viral post shows delivery food pricing that will shock you

Viral post shows delivery food pricing that will shock you

Know all about India’s first gold and silver fund

Know all about India’s first gold and silver fund

This Zomato-backed startup just delivered a Unicorn valuation

This Zomato-backed startup just delivered a Unicorn valuation

China blackout: Why is power being cut to factories and homes

China blackout: Why is power being cut to factories and homes

More videos

Markets on the move: Sensex reclaims 60,000

Markets on the move: Sensex reclaims 60,000

Revive your lapsed policy: LIC launches new campaign

Revive your lapsed policy: LIC launches new campaign

Is India's largest sugar manufacturer bankrupt?

Is India's largest sugar manufacturer bankrupt?

CNG price cut by Rs 6, PNG cheaper by Rs 4

CNG price cut by Rs 6, PNG cheaper by Rs 4

Musk says tweet about buying Manchester United was a joke

Musk says tweet about buying Manchester United was a joke

Elon Musk making up excuses to breach twitter deal?

Elon Musk making up excuses to breach twitter deal?

Reliance to bring Balenciaga to India

Reliance to bring Balenciaga to India

LIC breaks to top-ranked Indian firm on Fortune Global 500 List

LIC breaks to top-ranked Indian firm on Fortune Global 500 List

Explained: Why Taiwan tensions are worrying the tech ecosystem?

Explained: Why Taiwan tensions are worrying the tech ecosystem?

Meet India's richest women

Meet India's richest women

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.