The latest income tax rule set by the government regarding cryptocurrencies, which came into effect from the beginning of July, has come down heavily for the crypto exchanges in India, as per a report. Much true to their warning, Indian cryptocurrency exchanges are witnessing a downfall of volumes on their platforms as investors are backing off ever since the government implemented the new rule of levying TDS on cryptocurrencies in an order to regulate these transactions. Under the new rule, the buyer of a virtual digital asset or cryptocurrency has to pay 1 per cent tax deducted at source (TDS) of the amount paid to the seller.
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