The government is contemplating the possibility of imposing a Tax Deduction at Source (TDS) and Tax Collected at Source (TCS) on cryptocurrency trading. This move is being considered as a measure to regulate the trading of cryptocurrencies and to bring it under the purview of the country’s tax laws.
The government’s proposal to levy TDS and TCS on cryptocurrency trading is aimed at ensuring that cryptocurrency transactions are transparent and accountable. By doing so, the government can prevent tax evasion and ensure that the revenue generated from cryptocurrency trading is taxed appropriately.
The decision to impose TDS and TCS on cryptocurrency trading is also expected to deter illegal activities like money laundering and financing of terrorist activities, which have been associated with cryptocurrencies in the past. It is believed that by regulating the cryptocurrency market, the government can effectively curb such unlawful practices.
Overall, the imposition of TDS and TCS on cryptocurrency trading would be a significant step towards regulating the market and ensuring that it operates in a transparent and lawful manner.
Note: rajkotupdates.news : government may consider levying tds tcs on cryptocurrency trading