India's crypto tax amendment might result in jail

India implemented a 30% profit tax and 1% tax taken at source (TDS) on all cryptocurrency transactions in 2022.

According to three lawyers whom CoinDesk consulted, India has kept its rigorous crypto tax regulations from 2022 in 2023, but adding a potential punishment or jail sentence for non-compliance to the clause concerning tax deduction at source (TDS).

When delivering the nation's plan on Wednesday, Minister of Finance Nirmala Sitharaman avoided mentioning cryptocurrency, virtual or assets, blockchain, or digital coin currencies, which reveals the most recent tax regulations. However, a modification to TDS rules that pertains to digital assets was disclosed in the fine writing (VDAs).