Indiahas finally made the long-awaited decision for the 2022-23 fiscal year. Accordingly, any income from the transfer of any virtual digital asset will be taxed at a rate of 30%.
In the budget presented today by Indian Finance Minister Nirmala Sitharaman, taxof the 30%It was announced that it will be at a fixed rate of .
Amit Maheshwari, partner at accounting firm AKM Global, said the transfer of assets often means selling, swapping and giving up. According to Maheshwari, this clarity was the most obvious indication that, contrary to fears, cryptocurrencies will not be banned in the country. Maheshwari also
This is a very important development because it can be seen as justifying investment in digital assets.
said.
Sitharaman, Minister of Finance, stated that the size and frequency of crypto transactions makes it mandatory to provide a certain tax regime for crypto.
Apart from the high tax rate applied to crypto in the country, it was also among the information announced that there will be no deductions in crypto revenues other than the purchase cost.
Clarity on crypto tax as well!
Income from transfer of any digital asset to be taxed at 30%
No expenditure deduction except cost of acquisition
Loss from digital asset cannot be setoff
Yet another step towards positive crypto regulations 🚀🚀🚀#IndiaWantsCrypto
— Nischal (WazirX) ⚡️ (@NischalShetty) February 1, 2022
On the other hand, Maheshwari said that it is not clear how crypto earnings will be calculated, and that some uncertainties about the issue still remain. It was also stated that the digital rupee will go into live error in the 2022-2023 fiscal year (in April).