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Binance Deducting TDS on trade for Indian users!
$BTC
BTC
84,559.8
-0.65%
Binance, being a global exchange and registered with (F.I.U) in India , can deduct TDS on trades.
$BNB
BNB
589.4
-0.05%
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
ETH
1,579.8
-2.43%
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.

#CryptoTaxation

⚠️P2P Scam Alert‼️
A new type of scam is emerging on Binance P2P! When buying USDT or other coins, scammers send money first, and once you confirm it, they use a reversal request through the bank to withdraw the money. At that point, your coins are gone, but the money is not refunded!
This trick targets new users. Here's how you can protect yourself:
Only trade with verified buyers.
Check Bank SMS and App Transaction History.
Unbelievably low prices or urgent pressure = red flag.
If someone asks for external info in chat, be cautious.
If needed, use the Appeal option, don’t give up anything.
The most important thing is to be patient and avoid risks. One trade with a scammer can wipe out your entire portfolio.
Share this post to warn others.
#P2PScamWarning #scam