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Over the past two years as more and more banks in India blocked payments for crypto deals, many traders shifted their coins in wallets of foreign exchanges
All cryptocurrency purchases, sales, and transactions are subject to a 30% capital gains tax on profits, with no provisions for reduced rates or deductions under Section 115BBH. Along with the capital gains tax, a 1% Tax Deducted at Source (TDS) fee is applied to crypto asset transfers. Any transaction exceeding Rs 50,000 in a given financial year, the TDS that is deducted will be reflected in 26 AS and the same can be claimed back when filing income tax return.