No Relief for Crypto: Finance Ministry Upholds 1% TDS in New Income Tax Bill

The Finance Ministry has reiterated its stance on cryptocurrency taxation, upholding the 1% Tax Deducted at Source (TDS) in the new Income Tax Bill, offering "no relief for crypto." This confirms the government's continued approach to regulate and tax Virtual Digital Assets (VDAs) strictly. The 1% TDS, in addition to a flat 30% tax on crypto profits, aims to track transactions and ensure compliance in the largely unregulated crypto market. Despite industry appeals for reconsideration, the consistent enforcement signals the government's intent to maintain a robust tax framework for digital assets.