The government may consider levying TDS/TCS on sale and purchase of cryptocurrencies in the upcoming Budget 2022 above a certain threshold and such transactions should be brought within the ambit of specified transactions for the purpose of reporting to income tax authorities, stated Nangia Andersen LLP Tax Leader Aravind Srivatsan.
Srivatsan added that India has the highest number of crypto owners globally, and as per a report it is expected that the investment by Indians in cryptocurrency could touch US$ 241 million by 2030.
A higher tax rate of 30 per cent should be levied on the income arising from the sale of cryptocurrency, Srivatsan said.
“A bill was expected to be presented during Winter Session of Parliament to regulate cryptocurrencies,” he noted.
(With inputs from PTI)
