India to impose new 20% tax on cryptocurrencies
The tax department is mulling over the option to impose additional taxes on cryptocurrency and interest-yielding DeFi transactions.
According to the Economic Times, the tax department is considering imposing a 20% tax deducted at source on such transactions. In particular, the new deductions will apply in instances where one party is not a resident in India or has not submitted their permanent account number (PAN) card details.