If you’re anti-cryptocurrency, India’s crypto tax is working. A survey of around 9,500 active traders in the region reveals that 83% of traders were forced to reduce their trading frequency owing to the TDS deductions. (Reporting via Arijit_4)
Another method investors in India avoided paying TDS was by selling their holdings before the taxation was signed into law. Over 27% of the investors, the majority comprised of millennials, ended up selling 50% of their portfolio before April 1, whereas 57% sold under 10%. In this regard, Rajagopal Menon, vice president of WazirX, stated:
With Indian investors eyeing international exchanges to circumvent taxes comes the risks associated with trading on non-KYC compliant exchanges with little or no oversight. ZebPay CEO Avinash Shekhar added: Out of the lot, nearly 2,300 or 24% of the surveyed investors shared their interest in trying out international crypto exchanges to avoid paying TDS during trade cycles, while 29% confirmed to have drastically reduced their trading activities.
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