CoinDCX Tells Users How TDS On Crypto Transactions Will Work
CoinDCX has started notifying its users about the changes in advance of the impending tax deducted at source (TDS) on cryptocurrency, which will be effective as of July 1, 2022.
Information on the transactions’ TDS
Where TDS will apply and where it won’t have been covered in various transaction details, according to CoinDCX.
- The first one is an F2C transaction called INR to Crypto. On buy orders from INR to cryptocurrency, there is no TDS to be applied. In other words, CoinCDX will not impose any fees or taxes on buy orders or transactions converting INR to cryptocurrency.
- The second type of transaction, which is F2C, is crypto to INR. For sell orders converting cryptocurrency to Indian rupees, a 1% TDS is applied to the whole order value. To put it another way, on transactions or sell orders involving cryptocurrency to Indian rupees, CoinCDX will levy a 1% TDS or 1% fee on the whole order value.
- The third type is a C2C transaction or crypto to crypto. On buy orders from one cryptocurrency to another, a 1% TDS is applied to the overall order value. In other words, for buy orders or transactions between cryptos, CoinCDX will incur a 1% TDS or 1% fee on the whole order value.
- C2C transactions are the fourth category, which stands for crypto to crypto. On sell orders from one cryptocurrency to another, there is a 1% TDS charge on the total order value. In other words, for transactions or sell orders involving cryptocurrency, CoinCDX will levy a 1% TDS or 1% fee on the whole order value.
The new virtual currency industry, which is expanding at an incredible rate, is progressively becoming accepted throughout the world. However, as the Crypto sector continues to receive the boost it needs, other trading and exchange apps have appeared. Investors continue to hunt for reputable investment applications despite the abundance of possibilities. This is the cause of the widespread concern about the safety of CoinDCX in India. If you’ve been wondering the same thing, you don’t need to worry. Here is some information that will tell you everything you need to know.
Is CoinDCX secure in India?
To determine whether CoinDCX is secure or not, individuals have recently begun attempting to do so.
CoinDCX has recently stopped withdrawals of crypto from its platform. Some times back, CoinDCX gave their users just 2 days to withdraw their crypto if they do not wish to trade without KYC. They made KYC compulsory for all its users, and now they have made it clear that you can not withdraw your crypto. You will need to sell them and convert to INR before you withdraw the money to your bank.
However, the CoinDCX app have received certification as safe to use programs from a number of online broker comparison websites.
As a result, any investments made on CoinDCX—whether they are financial or otherwise—SHOULD not be scams or readily be compromised.
CEO Sumit Gupta co-founded the cryptocurrency trading and exchange business in India.
Undoubtedly, the company offers CoinDCX Go and CoinDCX Pro as two of its applications.
A cryptocurrency exchange software called CoinDCX Pro has 100k downloads, and CoinDCX Go has 500k downloads as a cryptocurrency investment app.
The KYC registration process must be finished by users before they may use the application.
As they boast on their app, CoinDCX has more than 200 cryptocurrencies listed on the exchange, which is its key selling point.