Every transaction is reported to income tax and we have to file the tax returns in India.Because it is shown as capital gains instead of foreign remittance.Remit2Any is showing a 1% credit for Section 194S because of the method used to remit your funds to India, even though the source is foreign salary. Section 194S is a specific Indian tax provision for Tax Deducted at Source (TDS) on the transfer of Virtual Digital Assets (VDA) like cryptocurrency.
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At Remit2Any, our mission is to revolutionize cross-border transactions by seamlessly connecting individuals and businesses. We prioritize compliance, offering a secure platform that ensures regulatory adherence. With a commitment to transparency, we provide fee-free transfers, empowering users to effortlessly move digital assets globally. Our vision is to redefine the landscape of international finance, making financial connectivity both compliant and frictionless.See more
