Budget 2022 Cryptocurrency Tax News: Clarity from FM! 30% tax on income gifts, 1% TDS on buy/sale – Check virtual assets taxations details

 

The tax proposals will come into effect from April 1 after the passage of the Union Budget in Parliament.

Budget 2022 Cryptocurrency: Giving clarity on taxation of cryptocurrencies and other virtual assets, Finance Minister Nirmala Sitharaman on Tuesday proposed a 30 per cent tax on income from transactions in such assets.

Also, to bring such assets under the tax net, she proposed a 1 per cent TDS (tax deducted at source) on transactions in such asset classes above a certain threshold.

The tax proposals will come into effect from April 1 after the passage of the Union Budget in Parliament.

Also, to bring such assets under the tax net, she proposed a 1 per cent TDS (tax deducted at source) on transactions in such asset classes above a certain threshold.

The tax proposals will come into effect from April 1 after the passage of the Union Budget in Parliament.


Comments

  1. Skill Mentor for today for better tomorrowFebruary 5, 2022 at 1:05 AM

    This is the right step of Govt of India to accept the digital revolution like Cryptocurrency that uses the blockchain system. Any way such system of transaction is now legalised.Millions of peoples dream will be sustained and will get ray of hope to live a decent life with Cryptocurrency.

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