India’s tax department wants to implement a 20% tax on DeFi gains that could be withdrawn from the source.
India is looking to extend its crypto taxations to include gains made from decentralized finance (DeFi) activities.
India’s tax department was looking at how it could apply a 20% tax on the interest earned by Indians from crypto platforms that aren’t based in the country.
Indians would now have to pay taxes on earnings from deposits or trading activities in DeFi.
India’s Central Board of Direct Taxes (CBDT) has reportedly been talking to tax experts on how it can implement this. there are also indications that the department is considering whether such transactions should also attract an equalization levy.
The government could be looking to withdraw these taxes from the source. especially in cases where one of those involved didn’t submit their PAN card details.
Girish Vanwari the founder of tax advisory firm transaction said
Read full story at: https://cryptounity.news/india-eyes-20-taxation-on-defi-gains
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