Budget 2022 Live Updates on Cryptocurrency Taxes: TDS on transfers and a 30% tax on income from crypto assets!

Live Updates on Crypto Taxation in Budget 2022, Cryptocurrency Taxation in the Union Budget 2022: Live News: The budget is expected to provide clarity on the crypto tax.

Live Updates on Cryptocurrency Taxes in the Union Budget 2022

The crypto tax regime in India has finally arrived! The government has taken a conservative stance on crypto asset taxation, announcing a flat 30% tax on such income.

Finance Minister Nirmala Sitharaman stated in her Budget Speech 2022 that income from the transfer of virtual digital assets would be taxed at 30%. She also stated that no set off will be permitted in the event of a loss. Gifts of virtual digital assets would also be taxed in the recipient's hands.

The announcement of heavy tax on crypto income comes as a big disappointment for crypto investors. The Finance Minister also said that by 2023, a Blockchain-based and RBI-backed Central Bank Digital Currency (CBDC) will be introduced.

"The clarity on taxation of digital assets is long overdue and was expected to be supplied this year," Sundara Rajan TK, Partner at DVS Advisors LLP, stated in response to the statement. The government's announcement of a 30% tax on digital assets, coupled with the launch of its own digital currency, indicates that the government intends to discourage such investments, with the intention that only HNIs make such investments and that the government will not allow cryptos to be used as currency."

Cryptocurrency experts and investors were anticipating clarity on taxation of gains from crypto assets in Budget 2022. Some experts believe that Finance Minister Nirmala Sitharaman will avoid directly addressing the cryptocurrency issue in her Budget Speech 2022. However, the Finance Minister was expected to make some crypto tax announcements.

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