India Reaffirms 30% Crypto Tax and 1% TDS as Section 285BAA Reporting Takes Effect
- —30% flat tax and 1% TDS stay in place; VDA losses cannot be set off or carried forward
- —Section 285BAA requires exchanges to file crypto transaction statements from April 1, 2026
- —Penalties: Rs 200 per day for late filing, up to Rs 50,000 for inaccurate information
- —VDA definition widened via Section 2(47A)(d) inserted by the Finance Act 2025
Why it matters: India is tightening oversight of crypto transactions by shifting reporting duties to exchanges, increasing market transparency for regulators.
Source: The Crypto Times