Government Considers Imposing TDS/TCS on Cryptocurrency Trading, According to RajkotUpdates.news
TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) are tax collection mechanisms used by the government of India to ensure the collection of taxes at the source of income. TDS is deducted from the income of the taxpayer, while TCS is collected by the seller from the buyer of goods or services.
Cryptocurrency trading refers to the buying and selling of cryptocurrencies such as Bitcoin, Ethereum, etc. in exchange for fiat currencies or other cryptocurrencies. The taxation of cryptocurrency transactions in India is a matter of debate and controversy, as the legal status of cryptocurrencies in the country is not clear.
If the government decides to impose TDS/TCS on cryptocurrency trading, it would mean that the tax would be deducted/collected at the source of the transaction....