New Delhi . The full budget of 2024 will be presented on 23 July. This time people have many expectations from the budget. Especially, taxpayers want that the scope of tax free income should be increased. There is another class which has a special expectation from the budget. This class is of those who invest in cryptocurrency.
This class wants that the TDS being deducted on cryptocurrency transactions should be abolished. These people say that if it is not possible to abolish the tax, then it should be reduced. Let us tell you the opinion of some experts associated with the crypto market in this regard.
Crypto Market Expectations
Mudrex CEO Edul Patel has said that the government should consider 1% TDS. He said that the inability to offset profits with losses in crypto is also preventing people from investing here. India Web3 Association Chairman Dilip Chinoy says that the government should reduce TDS from 1% to 0.01%. He said that he was also invited to the meeting held by the Finance Ministry before the budget and he also raised this issue in the meeting.
BuyUcoin CEO Shivam Thakral also has something similar to say. He said that he hopes that the TDS and capital gains tax on transactions of virtual digital assets should be reduced in this year’s budget. He also wants a strong regulatory framework to be prepared for virtual digital currency in the country. WazirX Vice President Rajagopal Menon has also expressed hope that TDS will be abolished.