Crypto Transactions Surge in India:
Cryptocurrency transactions in India crossed Rs 51,180 crore in 2024–25, marking a 41% rise from the previous year. This is based on Rs 511 crore collected as 1% Tax Deducted at Source (TDS), as reported by the Finance Ministry in the Rajya Sabha.The Finance Act, 2022 introduced a 1% TDS on all transfers of Virtual Digital Assets (VDAs) under the Income Tax Act, 1961, and this provision has been retained in the Income Tax Act, 2025. Cryptocurrency is a type of digital currency that enables direct, peer-to-peer online payments without the need for a central authority. It functions as a digital medium of exchange built on a public digital ledger known as blockchain, where transactions are verified using cryptographic techniques. The first decentralised cryptocurrency was Bitcoin, introduced in 2009.
