30 Percentage tax on crypto assets, NFT
The Union Budget 2022 proposes taxing gains from the selling
of virtual digital assets at a flat 30% rate. Cryptocurrencies and non-fungible
tokens will be included (NFTs). In her budget speech, Nirmala Sitharaman
announced plans to create a new Section 115BBH of the Income Tax Act to tax
cryptocurrencies in India.
The loss from the sale of virtual assets cannot be offset
against any other revenue. A 1% TDS will be applied to payments made for
digital asset transfers. If you donate cryptocurrency or other virtual digital
assets, the recipient will be taxed at the same rate.
"The law allows for the concept of virtual digital
asset, which is broad enough to embrace developing digital assets such NFT,
assets in the metaverse, digital currencies, tokens, etc," said Atharva
Sabnis, BACC member. Any non-Indian or non-foreign monetary information, code,
number, or token is generated cryptographically.
The new tax system on cryptocurrencies is proposed to take
effect in Assessment Year 2023–24. Cryptocurrency revenue will be taxed at 30%
starting in 2022-23.
In India, a 30% cryptocurrency tax is calculated
Frequently Asked Questions (FAQ) on Crypto Asset TaxationFinance Ministry of India
How is the 30% crypto tax calculated in India?
Bitcoin and other cryptocurrencies can be bought in India from BitBns Exchange, which is based in the country
.gif "If you don’t have an CoinEx account yet, you can sign up here!")
Earncryptoairdrops
Posts
.png)
.gif){kind=spacer}