Finance Minister - Nirmala Sitharaman, in her budget , introduced specific tax for Virtual digital assets in 2022-2023.....
The basic points from that Virtual digital assets are...
* Any Income from transfer of any virtual digital assets to be taxed at 30% 😑. The Finance Minister said , there is an increase user of virtual digital assets compare to previous year. Due to that, they provide a specific tax for Crypto and NFT's Users.
* No deductions to be allowed for such income. But they proposed 1% TDS on payments if the amount beyond Rs.10,000 in a year and also Finance Minister said, The TDS has been proposed to track the money trail in Cryptocurrencies.
* The TDS will come into effect on July 1, 2022 and the gains will be effect on April 1, 2022.
* In that , there is no taxation for RBI's digital rupee. The 30% taxation will be subjected to all crypto-currencies and other virtual digital assets.
* Other terms in digital assets are....
- The Person received any gifts from digital virtual assets also will be taxed.
- Finance Minister said that the govt. is doing stakeholder's consultation on regulating the virtual assets.
- There is a loss from transfer of crypto's can't be set off against any other type of income.
