➡️No tax (TDS) will be deducted from the buyer on buying Crypto using INR, while the seller of the Crypto asset will be liable to pay TDS.
➡️When a Crypto asset is bought by paying with another Crypto asset, i.e., trading one Crypto asset for another, the TDS would be payable by both parties.
➡️In P2P trades, 1% tax (TDS) will be deducted before a USDT sell order is placed. No tax (TDS) will be deducted from the P2P USDT buyer.
➡️As per Section 206AB of the Income-Tax Act, 1961, if any user has not filed their Income Tax Return in the last two years and the amount of TDS is ₹50,000 or more in each of these two previous years, then the tax (TDS) to be deducted for Crypto related transactions will be at 5%.
➡️In spot as well as P2P orders, users can see the applicable TDS on the order confirmation screen and the TDS deducted on the order details screen post order execution.
➡️If tax (TDS) gets deducted in Crypto, users will be able to see the INR value of this TDS in the trading report after 48 hours.