India has clarified reporting details for the controversial 1% tax deducted at source (TDS) for digital asset transactions, which is set to kick in on July 1. By amitoj
India's Finance Ministry has issued guidelines to clarify the reporting mechanism for the contentious and soon-to-be-implemented 1% tax deducted at source provision.The 1% TDS liability – which will take effect on July 1 – is the most controversial provision of India’s recently introduced crypto tax law, with the industry even exploring a. Another provision, which enforces a 30% capital gains tax on all crypto transactions, took effect on April 1.
The format to report the transaction was also specified by the government. A new form will be introduced entitled 26QE, which will play the dual role of a statement and a receipt. The tax would have to be paid beforehand in cases where the payment for the transfer of a digital asset is in kind.
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