Bitbns introduces Zero TDS on SIP investments in cryptocurrency
By Leandra Monteiro
In an industry first, Bitbns, an Indian cryptocurrency exchange and the country’s largest crypto SIP platform, has announced Zero TDS on its SIP investments in cryptocurrency.
Bitdroplet is a platform by Bitbns that allows investors to invest in cryptocurrencies via SIP in a simplified and secure manner. Investors availing of SIP for a minimum period of 12 months can now invest seamlessly without worrying about paying the TDS. While there is no minimum tenure for redemption, Bitbns will bear the TDS for SIP investments redeemed after 12 months.
Crypto SIP is similar to regular SIP in mutual funds, allowing one to invest a fixed amount in crypto at regular intervals. Investors can avail themselves of daily, weekly, or monthly instalments based on one’s investment appetite. The SIP route enables investments as low as INR 75 while automating and scheduling regular purchases of popular crypto-assets such as Bitcoin and Ethereum, among others.
As per the new taxation rule, effective July 1, all cryptocurrency transactions will attract 1% TDS. While the TDS in direct selling will be borne entirely by the seller, in the case of trading one cryptocurrency for another, TDS will be taxed upon both the parties involved.
Commenting on this development, Gaurav Dahake, Founder & CEO, Bitbns said, “Bitbns strongly believes in innovating and building new lucrative product opportunities for its investors, and we are delighted to introduce TDS-free SIP plans for our customers. We believe it is a great time for investors to avail the ‘Buy at Dip’ strategy and thereby maximize their profits. A SIP approach would be ideal as it is one of the best and most efficient investment strategies. Regular and timely purchases enable an investor to avail a better price point for entry even amid high volatility. Our TDS-free SIP plans will encourage investors to avail the benefits of an efficient wealth creation model while evading the burden of TDS. In addition to risk mitigation, it will also aid in portfolio diversification and reinvestment of returns, to leverage the power of compounding and generate attractive yields through long-term lock-in of investments.”
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