Bitwin-Club
--
Bullish
Breaking alerts🚨
Binance Deducting TDS on trade for Indian users!
$BTC
Binance, being a global exchange and registered with (F.I.U) in India , can deduct TDS on trades.
$BNB
However, due to regulatory pressures, Binance already declare KYC deadline April 30, 2025 and can implement TDS deductions for Indian users or restrict certain services if users don’t comply with local tax laws.
Binance itself does not directly deduct TDS (Tax Deducted at Source) on trades unless it is complying with specific local tax regulations in a country like India. Here's how it generally works:
$ETH
In India:
According to Indian tax laws, a 1% TDS is applicable on crypto transactions above a certain threshold.
This law came into effect on July 1, 2022 under Section 194S of the Income Tax Act.
Crypto exchanges operating in India (like CoinDCX) deduct TDS and report it to the Income Tax Department.
Previously, Binance told users to self-report taxes or declares that users are responsible for their own tax compliance.
If you're an Indian resident trading on Binance, you were technically responsible for paying TDS yourself, unless Binance starts deducting it automatically due to regulatory enforcement.
Binance Deducting TDS on trade for Indian users!
$BTC
Binance, being a global exchange and registered with (F.I.U) in India , can deduct TDS on trades.
$BNB
However, due to regulatory pressures, Binance already declare KYC deadline April 30, 2025 and can implement TDS deductions for Indian users or restrict certain services if users don’t comply with local tax laws.
Binance itself does not directly deduct TDS (Tax Deducted at Source) on trades unless it is complying with specific local tax regulations in a country like India. Here's how it generally works:
$ETH
In India:
According to Indian tax laws, a 1% TDS is applicable on crypto transactions above a certain threshold.
This law came into effect on July 1, 2022 under Section 194S of the Income Tax Act.
Crypto exchanges operating in India (like CoinDCX) deduct TDS and report it to the Income Tax Department.
Previously, Binance told users to self-report taxes or declares that users are responsible for their own tax compliance.
If you're an Indian resident trading on Binance, you were technically responsible for paying TDS yourself, unless Binance starts deducting it automatically due to regulatory enforcement.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
0
0