Binance.
Safety facts, TDS and tax for Binance users in India.
FIU-IND registeredYes
Crypto withdrawalsYesAllowed; paused temporarily during the October 2026 incident.
INR deposits and withdrawalsMainly through P2P, which carries account-freeze risk
Proof of reservesNot verified
Incidents
- Oct 2026: About $6.3B stolen, the largest crypto hack on record; Binance said it would cover user losses. Details
Tax for Binance users
- Gains from selling or swapping crypto are taxed at 30% plus 4% cess. Losses can’t be set off. Calculate your tax.
- 1% TDS on sales shows in your AIS and Form 26AS. If it’s more than your tax, claim the difference back. Estimate your refund.
- Report every sale in Schedule VDA of ITR-2 or ITR-3. Step-by-step guide.
- P2P trades carry a risk of bank account freezes. How to reduce it.
Frequently asked questions
Is Binance registered in India?
Binance is listed as registered with FIU-IND, India’s anti-money-laundering regulator. Registration is not a safety guarantee or a licence.
Does Binance deduct 1% TDS?
On P2P trades, the buyer is generally responsible for deducting 1% TDS. Check whether your trades on Binance have TDS shown in your AIS.
Does Binance report to the Income Tax Department?
Platforms serving Indians report crypto transactions and TDS, which appear in your AIS. From 2026, platforms face penalties for failing to report. Assume your trades are visible to the tax department.
How do I get my Binance tax report?
Most exchanges offer a trade history or tax statement download in the app or website. Use it with our free CSV tax report tool to prepare Schedule VDA.