Bitbns says that those investing in their new scheme through SIP will not have to bear the burden of TDS applicable on crypto.
Bitbns Introduces Tax Shield ‘Zero TDS’ on SIP In Cryptocurrency : The country’s largest crypto SIP platform BitBNS has introduced a new Tax Shield ‘Zero TDS’ scheme for investors. The company says that those investing in this scheme through Systematic Investment Plan ie SIP will not have to bear the burden of TDS applicable on crypto. However, to avail this facility, investors have to fulfill certain conditions.
The name of this special ‘Zero TDS’ scheme of Bitbns is Bit-droplet SIP. According to the company, if an investor invests in this scheme for 12 consecutive months through Systematic Investment Plan, then at the time of exit from the scheme i.e. while withdrawing his investment, he will be given an amount equal to TDS (Tax Deducted at Source) as refund. Will go According to the statement issued by the company, this facility will be provided to all its existing and new SIP investors. It is worth noting that under the new tax rules implemented in the country from July 1, it is necessary to pay TDS at the rate of 1 percent on all cryptocurrency transactions.
According to Bitbns, 19 new tokens are being added to its Bitdroplet SIP, which can now be invested through this scheme. The company claims that such a scheme has been started for the first time for the investors of crypto currency in the country. Bitbns says that the purpose of this new initiative is to relieve tax burdens for those investing in crypto, as well as promote investment through SIP. With this, investors will get the benefit of averaging while investing in crypto and will reduce the risk of market volatility.
Although there is no lock-in period applicable for those investing through SIP in the Bitdroplet platform, the TDS liability on the investor on exit after investing for 12 months will be refunded by Bitbns. The facility of investment calculator is also being provided to the investors on the Bitdroplet platform, with the help of which investors will be able to calculate the value of their SIP investments for different periods.
Introducing this new scheme, Bitbns Founder and CEO Gaurav Dahke said that SIP is the ideal and best strategy to invest in crypto. This makes their investment less volatile. This gives the benefit of both diversification and compounding of the portfolio.
(Disclaimer: This news does not suggest investment in cryptocurrencies. Investing in cryptocurrencies is very volatile and risky, so please consult your investment advisor before investing in it.)