The 30% tax is payable on gains arising from selling crypto assets on or after April 01, 2022. The 1% TDS is an advance tax payment imposed by the government, which will be deducted from the sell value of crypto assets. Hence, yes, you will have to pay the 30% tax on gains arising from selling crypto assets along with the 1% TDS.

For example, if an investment of INR 1,00,000 was made in crypto at the beginning of FY2022, and by the end of FY2022, the crypto was sold for INR 1,50,000, a TDS of 1% will be applicable on the total value of the transaction i.e. Rs. 1% of INR 1,50,000 which is INR 1,500. This shall be deducted by SUN CRYPTO against the PAN details of the seller and deposited to the Government on behalf of the seller.

In addition to this, a flat 30% tax rate is also applicable on income gain of INR 50,000. So, as an investor, you will be liable to pay INR 15,000 as tax on crypto income in that financial year. This shall be paid by the seller while filing their ITRs.

You can also file for a TDS refund based on your income slabs, the information for the same can be found here: Income Tax India - File TDS Return