TDS on Crypto Coins: WazirX, Other Trading Platforms Implement New Rules, Know Key Changes

A set of new rules regarding taxations of cryptocurrencies and Virtual Digital Assets have already come into effect from July 1 under which the buyer of a VDA has to pay 1 per cent tax deducted at source of the amount paid to the seller. Companies Start to Implement TDS Rules Cryptocurrency exchanges had already started implementing the new TDS rules on crypto, days before it came into effect. For ease of conversion and to reduce price slippage, in Crypto to Crypto transactions, the TDS for both sides would be deducted in the quote Crypto asset,” said Rajagopal Menon, vice president at crypto trading platform WazirX. What Crypto Exchanges Say About the New Rules The new updated rules had already went live on WazirX platform on June 30.