India's new crypto regulations: Those who fail to pay the crypto transaction source tax may face 7 years in prison

ChainCatcher news, according to Bitcoin.com, the Indian 2023 Finance Bill includes amendments to the Income Tax Act applicable to the Tax Deducted at Source (TDS) for cryptocurrencies. Crypto tax company Koinx revealed on Twitter that late payments will incur an annual interest of 15%. Additionally, according to The Times of India, those who fail to pay the source tax on crypto transactions may face up to 7 years of imprisonment.

It is reported that India started taxing profits from crypto transactions at 30% last year and imposed a 1% source tax (TDS) on all transactions. (Source link)