Reserve Bank of India has been flagging concerns about cryptocurrencies, which are seen as a highly speculative asset.
CBDT has notified that the TDS collected under Section 194S shall be deposited within 30 days from the end of the month in which the deduction has been made.
The S&P 500 climbed 54.51, or 1.5%, to 3,789.99 after whipping through roller-coaster trading immediately following the Fed's latest move to fight inflation.
A lot of consultation has been done from both domestic and other participants, Seth said on the sidelines of an event organised by the Finance Ministry.
There are an estimated 15 million to 20 million crypto investors in India, with total crypto holdings of around USD 5.34 billion.
The clarification comes after reports stated that the GST Council is mulling to tax cryptos at 28%.
According to Mishra, who is also a former bureaucrat and has held key positions in the Indian Government including that of Steel Secretary and Secretary, Department of Personnel and Training (DoPT).
Proposes relaxation of penalty provision for claiming cess, surcharge as expenses
ICAI President Debashis Mitra on Tuesday said the institute is working on a research paper on cryptocurrencies, which is expected to be ready in one-and-a-half months.
All virtual digital assets (VDAs), which are commonly referred to as crypto or non-fungible tokens (NFTs), will have to put the disclaimer in a "prominent and unmissable" way.
RBI Governor Shaktikanta Das' comment comes a week after the Budget proposed a 30 per cent tax on virtual digital assets, thereby recognising cryptos.
In order to monitor all transactions happening in the crypto space, the government has also announced that all the crypto transactions will be taxed at 1 per cent as TDS.
Revenue Secretary Tarun Bajaj said gains from cryptocurrencies were always taxable and what the Budget proposed is not a new tax but providing certainty over the issue.
As the NFT ecosystem grows, new usage will come to the fore, and innovations in crypto and NFT will continue to shape the art industry’s future
The crypto crash came as the US Federal Reserve raised the possibility of boosting interest rates as soon as March and withdrawing stimulus from the market.