Tax on Income From Cryptocurrency: In her budget speech, Union Finance Minister Nirmala Sitharaman made a big announcement regarding virtual currency or cryptocurrency, saying that now it has been decided to levy 30 percent tax on cryptocurrency transactions.
Union Budget 2022: In the Union Budget 2022-23, people did not get anything as they expected. After the Finance Minister announced a 30 percent tax on income from virtual currency or digital, after which the speculation about the legalization of cryptocurrencies is increasing. Experts say that even though the government has imposed tax on virtual currency, it has not said anything about its legality. This means that cryptocurrencies are not yet legal in India.
Still waiting for cryptocurrency bill:
The government has been working for a long time to manage cryptocurrencies in the country, on which the draft of a bill could not be introduced in the winter session. While taxing the income from crypto, the Finance Minister has also announced the launch of the country’s digital currency this year.
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Nirmala Sitharaman said that RBI will issue digital rupee in the year 2022-2023 using blockchain and other technology. This will give a big boost to the economy. According to a report, there are 10.5 crore crypto investors in India.
In her budget speech, Union Finance Minister Nirmala Sitharaman made a big announcement regarding virtual currency or cryptocurrency and said that now it has been decided to levy tax on transactions of cryptocurrencies. Under this, a tax of 30 percent will have to be paid on the income from crypto.
The Finance Minister said that changes were made in the taxation of virtual digital assets. Transfer of any such property will attract 30 per cent tax. There will be no discount in this. After this announcement by the Finance Minister, the question is arising whether crypto has been allowed in the country?
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