India’s Crypto Industry Braces for New Taxes, More Uncertainty

India’s crypto community is preparing for a 30% tax on income from crypto transactions due to take effect April 1—even as it grapples with a host of concerns and questions surrounding the tax and crypto’s legal status.

Parliament’s lower house passed the government’s Finance Bill last Friday with the new crypto levy and a 1% tax deducted at source (TDS) on all crypto asset transfers above a certain amount, effective July 1. Gifts of virtual assets will also be taxed. The proposals were included in India’s federal budget proposal for the financial year starting April 2022. The bill is being ...