Skip to main content

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

By

 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.

Comments

Post a Comment

Popular posts from this blog

WHY ETHERIUM IS FALLING?

By Chief
A Massive Sell-off has taken place in Crypto Market Altcoins are down big today with some trading more than 30% lower, but the drops in giants like Bitcoin and Etherium are staggering. There are a couple of things to look at in short-term trading. One is that liquidations are accelerating as investors with leveraged bets that crypto prices would rise are liquidated from those positions. According to coinglass.com, $1.14 billion in crypto positions have been liquidated in the last 24 hours and $416 million of that batch came in just the last four hours. 3 MONTHS AGO (OCT. 11) - $4,868 ONE WEEK AGO (JAN. 13) - $3,410 TOMMORROW (JAN. 22) - $2,300 This is happening across the industry, but Ethereum is being hit hardest with $113 million in liquidations in the last four hours. Being the second day of the market failure, Ethereum (ETH) steps down sinking deeper and deeper, Upon the first market crash of the year 2022, around January 1st week, ETH dropped down below the much expected stable s...
3 comments
Read more

Google Pay has hired a PayPal executive to lead its crypto payments push.

By Chief
  Google has hired a former PayPal executive to help strengthen Google Pay, and the company has plans to expand into the cryptocurrency space. Arnold Goldberg has been appointed to lead Google's payments division as part of the company's overall push into financial services, including cryptocurrency. Google’s President of Commerce Bill Ready told Bloomberg that: “Crypto is something we pay a lot of attention to , As user demand and merchant demand evolves, we’ll evolve with it.” It will hire people with blockchain experience, according to Richard Widmann, head of strategy for digital assets at Google's cloud unit, in an article published by CNBC. These employees will be part of the company's decentralisation strategy. Companies working in blockchain and distributed-ledger technologies, such as Dapper Labs, Hedera, and Theta Labs, are already using Google Cloud for scalability and security, according to a blog post by the company. Other businesses will be able to use blo...
Post a Comment
Read more

The stolen $750 million in Bitcoin (BTC) from the Bitfinex hack in 2016 is on the move.

By
A large amount of Bitcoin is on the move, which was previously linked to the 2016 Bitfinex exchange hack. Recently, the popular Twitter handle Whale Alert reported two such incidents in which Bitcoins worth more than $750 million were transferred to an unknown wallet. According to a recent report, more than 20,000 Bitcoins were moved in two separate transactions of 10,000 BTC each. This is the second time in the last year that hackers have moved funds stolen from the Bitfinex hack in 2016. At the time, 119,756 BTC were stolen from the exchange, causing the market to crash. Last year when Bitcoin was trading at its all-time high in mid-April 2021, the hackers had moved the first batch of Bitcoins worth $750 million. Will This Affect the Price of Bitcoin? It will be interesting to see if this move adds to the volatility of the Bitcoin price. Nearly 20% of the total Bitcoin stolen has been moved by hackers. While most exchanges have made it impossible to cash out stolen exchanges, hackers...
Post a Comment
Read more