Tds will be applicable from 1st July 2022.

So hello everyone how are you all hope so everyone is well and good so friends as few months back Indian government has passed a bill for making crypto taxable which was a good initiative but also it has came up with lots of flaws so i will be sharing some of the points which i think should be taken into consideration for making an update. Link Indian exchanges have started implementing tds of 1% for all shorts of transactions though it be buy sell or transfer of assets from one account to other everytime you do any of the above transactions then you will be charged 1 % tds and at the time of calculation of tax liability you will have to pay tax seperately on each transactions.

Also one of the major drawback about this law is that you cannot setoff your losses against your profit and we all know if we make profit once then behind that we have to face so many loses so not allowing us to setting it off would be a huge loss.

I think government should really think about these two factors regarding the tds as it can't be paid on each and everything you do and the other thing is we should be allowed to set off our losses against our profit.

So it is just a matter of time how things will shape up in the upcoming future.

What are your views about the taxation system of India.

Thanks friends have a great day ahead.

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