2023
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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60.46 crore
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50.65 crore
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70.49 crore
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45.65 crore
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Detailed explanation-1: -The government on Tuesday said that it has received ₹60.46 crore in the form of taxes from entities for transactions in virtual digital assets (VDAs), including cryptocurrencies, since the introduction of TDS provisions in July.
Detailed explanation-2: -Short-term crypto gains on purchases held for less than a year are subject to the same tax rates you pay on all other income: 10% to 37% for the 2022-2023 tax filing season, depending on your federal income tax bracket.
Detailed explanation-3: -With the introduction of the 2022 budget in India, crypto holders are now subject to a 1% TDS and 30% on all crypto gains. Tax Deducted at Source (TDS) is a crucial taxation mechanism that ensures that taxes are collected from the source of income.
Detailed explanation-4: -From July 1, 2022, onwards, crypto transactions are subject to a 1% TDS. TDS on crypto assets is deducted and deposited to the Central Government. The buyer must withhold TDS when transacting using P2P platforms or overseas exchanges. More items •28-Apr-2023