India government keeps vouchers, gift, loyalty cards out of crypto tax ambit
07/02 04:15
According to The New Indian Express, the Central Board of Direct Taxes (CBDT) of India has excluded gift cards, vouchers, mileage points, reward points and loyalty cards from the definition of virtual digital assets (VDA) such as cryptocurrencies and non-fungible tokens(NFTs). This means, tax applicable on VDAs will not be applicable for these products. Apart from these, subscriptions to websites or platforms or applications will also be excluded from VDAs. Meanwhile, from July 1, 1% Tax deducted at source (TDS) on VDA transactions have come into effect. The TDS collected needs to be paid to the Income Tax Department in INR. For this, any TDS collected in the form of crypto has to be converted to Indian rupee.
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