Crypto assets to be included in assessing undisclosed income, says Sitharaman in Budget
1 month, 3 weeks ago

Crypto assets to be included in assessing undisclosed income, says Sitharaman in Budget

Hindustan Times  

Finance Minister Nirmala Sitharaman in her budget speech has proposed that “virtual digital asset” should be included in defining undisclosed income, the latest step by the government to tighten oversight of cryptocurrencies. "It is proposed to add the term 'virtual digital asset' to the said definition of undisclosed income of the block period," the Budget document said. The move comes 2 years after India imposed money laundering provisions on the cryptocurrency sector. The Finance Ministry said in a notice that anti-money laundering legislation has been applied to crypto trading, safekeeping and related financial services.

Budget Crypto Undisclosed Income  proposed  sector  income  undisclosed  cryptocurrency  included  virtual  finance  budget  laundering  crypto  sitharaman  assessing  assets  digital

History of this topic

Crypto & The Indian Economy: How New Income Tax Bill Marks A Pivotal Moment
2 weeks, 4 days ago

Crypto & The Indian Economy: How New Income Tax Bill Marks A Pivotal Moment

ABP News  

By Vikram Subburaj Digital assets in India have evolved into a complex intersection of technological innovation, regulatory calibration, and fiscal oversight. Recent developments, notably the Union government’s initiative to draft a comprehensive concept paper on crypto and the introduction of the Income Tax Bill, 2025, in the Lok Sabha, signal a pivotal moment in India’s crypto journey. Income Tax Bill, …

Privacy A Thing Of Past? Tax Officers Could Now Get Full Access To Digital Records
2 weeks, 5 days ago

Privacy A Thing Of Past? Tax Officers Could Now Get Full Access To Digital Records

ABP News  

Income tax officers in India will now be able to access the digital accounts of individuals if deemed necessary. The new norms of the Income Tax Bill, 2025 expand the authority of tax officers and allows them to gain access to the social media accounts, emails, trading platforms, online investments, and bank accounts of individuals if they suspect tax evasion. …

The implications of treating Virtual Digital Assets as taxable properties
3 weeks ago

The implications of treating Virtual Digital Assets as taxable properties

The Hindu  

As digital economies expand and blockchain technology reshapes global finance, governments worldwide are grappling with the classification, regulation and taxation of Virtual Digital Assets. VDAs as property and capital assets For the first time in India, the Income Tax Bill, 2025 explicitly treats VDAs as property ) and capital assets. The bill categorically states that VDAs, which include crypto assets, …

Income Tax Dept uncovers ₹22,000 crore in undisclosed foreign assets and investments: Report
1 month, 1 week ago

Income Tax Dept uncovers ₹22,000 crore in undisclosed foreign assets and investments: Report

Hindustan Times  

The Income Tax Department has detected ₹22,000 crore worth of undisclosed foreign assets and investments, The Economic Times reported, citing an unnamed senior official. The development comes after the government launched a drive against such assets last November based on information received under bilateral and multilateral agreements, data sharing treaties signed with various countries, as well as foreign remittance data. …

Have crypto earnings? New Income Tax Bill will see it as 'undisclosed income' during searches
1 month, 1 week ago

Have crypto earnings? New Income Tax Bill will see it as 'undisclosed income' during searches

Firstpost  

The new Income Tax Bill, set to be tabled on February 13, categorises virtual digital assets, commonly known as cryptocurrencies, as ‘undisclosed income’ during searches, alongside existing categories like gold and bullion, according to a report The new Income Tax Bill, set to be tabled on February 13, categorises virtual digital assets, commonly known as cryptocurrencies, as ‘undisclosed income’ during …

India reviewing crypto position due to global changes, senior official says
1 month, 3 weeks ago

India reviewing crypto position due to global changes, senior official says

The Hindu  

India is reviewing its stance on cryptocurrencies due to shifting attitudes towards the virtual asset in other countries, a senior government official told Reuters on Sunday. He did not specifically mention the United States, where Mr. Trump last week ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a …

Govt has no timeline for regulatory guidelines for Virtual Digital Assets
3 months, 1 week ago

Govt has no timeline for regulatory guidelines for Virtual Digital Assets

Live Mint  

New Delhi, December 16 : The government on Monday informed Lok Sabha that there is no anticipated timeline for the introduction of comprehensive regulatory guidelines for the Virtual Digital Assets industry in India. The government was asked by two members of Parliament whether it was taking steps to establish a comprehensive regulatory framework for the Virtual Digital Assets industry. The …

Cryptocurrency tax in India: Know how much you will have to pay on Crypto investments
3 months, 2 weeks ago

Cryptocurrency tax in India: Know how much you will have to pay on Crypto investments

India TV News  

Following Donald Trump’s victory in the US presidential elections, the value of cryptocurrencies, including Bitcoin, has skyrocketed. Heavy 30 per cent Tax on Gains In India, cryptocurrencies aren't formally identified as legal tender under the Income Tax Act’s Section 2, which classifies them as Virtual Digital Assets. These provisions mandate: A flat 30 per cent tax on profits earned from …

Bitcoin, cryptocurrencies not legal in India
Trending News
4 months ago

Bitcoin, cryptocurrencies not legal in India

Deccan Chronicle  

New Delhi: Bitcoin and cryptocurrency are in news again after allegations were levelled against Congress's Maharashtra president Nana Patole and NCP 's Supriya Sule of being involved in "illegal bitcoin activities" to fund their poll campaign. - Cryptocurrency has no intrinsic value and is not redeemable for another commodity, such as gold - has no physical form and exists only …

Ready to cash out Bitcoin? Understand income tax rules on cryptocurrency in India
4 months, 1 week ago

Ready to cash out Bitcoin? Understand income tax rules on cryptocurrency in India

Live Mint  

Since Donald Trump's victory in the US presidential elections on November 5, 2024, Bitcoin, the world's largest cryptocurrency, has risen more than 30%, reaching its highest point ever. If you are invested heavily in Bitcoin and want to book profit from this biggest crypto asset, remember that taxes on virtual digital assets in India operate differently than those on more …

Crypto industry seeks conducive tax environment
8 months, 3 weeks ago

Crypto industry seeks conducive tax environment

New Indian Express  

BENGALURU: The first half of this year was a significant one for the crypto industry ­-- Bitcoin touched its peak of over $73,000 in March, Bitcoin Halving, US SEC granted approval for spot Bitcoin ETFs. All these have driven increased trading activity in the Indian crypto market, and crypto exchanges hope that the upcoming Budget will create a conducive regulatory …

India’s G20 presidency: For Virtual Digital Assets
1 year, 7 months ago

India’s G20 presidency: For Virtual Digital Assets

Hindustan Times  

Virtual Digital Assets were, for the longest period, considered forbidden fruits, capable of causing financial instability and compromising transactional integrity. An SOP focused on the four priority areas - Consumer and Investor Protection, Access to Law Enforcement Agencies to Address Fraudulent Practices, Regulatory Arbitrage and Financial Stability – holds the potential to address the existing lacunae in the VDA framework. …

Virtual digital assets, India’s stand and the way ahead
1 year, 10 months ago

Virtual digital assets, India’s stand and the way ahead

The Hindu  

Rulemaking is an arduous task. A prominent, and far-reaching, update has been India’s recent notification extending the anti-money laundering provisions to virtual digital assets businesses and service providers. On March 7, the Union Finance Ministry, in a gazette notification, extended these activities under the Prevention of Money Laundering Act Act of 2002: exchange between virtual digital assets and fiat currencies; …

TDS on Cryptos: Know How Much Govt Has Earned So Far
1 year, 11 months ago

TDS on Cryptos: Know How Much Govt Has Earned So Far

News 18  

Virtual digital assets, including cryptocurrencies, attract 1 per cent of tax deducted at source. Finance Minister Nirmala Sitharaman in the Union Budget 2022 had introduced the provision of tax deducted at source at 1 per cent levied on payments made on transfer of virtual assets. According to a CBDT notification, “The new section mandates a person, who is responsible for …

Navigating the complexities of crypto taxation in India
1 year, 11 months ago

Navigating the complexities of crypto taxation in India

Live Mint  

There is an adage which encapsulates the process of taxation, and it goes thus: the only two things certain in life are death and taxes. Navigating crypto from a tax angle We believe that Indian crypto investors can become tax compliant and plan their investments better by following certain principles. Building a crypto portfolio: India’s crypto tax regime does not …

Belated, but essential: The Hindu Editorial on bringing all trade in virtual digital assets under the PMLA
2 years ago

Belated, but essential: The Hindu Editorial on bringing all trade in virtual digital assets under the PMLA

The Hindu  

The Finance Ministry’s March 7 notification placing all transactions involving virtual digital assets under the purview of the Prevention of Money Laundering Act is a much-needed, even if belated, step. The government has been struggling in recent years to formulate an appropriate regulatory response to deal with the pandemic-era upsurge in The intergovernmental Financial Action Task Force — the global …

Centre Brings Crypto Transactions Under Money Laundering Laws
2 years ago

Centre Brings Crypto Transactions Under Money Laundering Laws

News 18  

The Central government, in a new regulatory move, has bought a range of virtual digital asset transactions, including cryptocurrencies, under the ambit of the Prevention of Money Laundering Act 2002. Virtual digital assets are defined as any code or number or token generated through cryptographic means with the promise or representation of having inherent value. “Exchange between virtual digital assets …

Money laundering law to apply to crypto trade: Finance Ministry
2 years ago

Money laundering law to apply to crypto trade: Finance Ministry

The Hindu  

The government has imposed money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets. The notification said, “Exchange between virtual digital assets and fiat currencies, exchange between one or more forms of virtual digital assets, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual …

Money laundering laws will now cover cryptocurrency trade
2 years ago

Money laundering laws will now cover cryptocurrency trade

The Hindu  

The government has imposed money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets. The notification said, "Exchange between virtual digital assets and fiat currencies, exchange between one or more forms of virtual digital assets, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual …

Budget 2023: FM Nirmala Sitharaman must classify cryptocurrencies as asset class rather than speculative instruments
2 years, 1 month ago

Budget 2023: FM Nirmala Sitharaman must classify cryptocurrencies as asset class rather than speculative instruments

Firstpost  

Cryptocurrencies have been gaining momentum worldwide for the past two years, making big headlines. Tax on VDAs The Union Budget of India in 2022 has introduced a system of taxation on virtual digital assets with a 30 percent tax on gains and 1 percent on Tax Deducted at Source. Need for a progressive approach to taxation The crypto industry is …

Crypto Tax: Italy Plans To Impose 26% Levy On Crypto Trading Gains; Details Here
2 years, 3 months ago

Crypto Tax: Italy Plans To Impose 26% Levy On Crypto Trading Gains; Details Here

News 18  

Tightening the regulation on digital assets and expanding taxation on crypto trading, Italy is planning to impose a 26 per cent tax on digital assets for gains above 2,000 euros, according to a Bloomberg report. The Italian tax authorities currently treat digital coins and tokens as foreign currency and impose tax accordingly, which is lower than the proposed 26 per …

Crypto india regulation tax income tds understand sector first why others should take note
2 years, 7 months ago

Crypto india regulation tax income tds understand sector first why others should take note

ABP News  

Cryptocurrencies have been in the spotlight ever since the Supreme Court removed the blanket ban on them in early 2020. India, despite being a late entrant, embraced the crypto world with open arms and today there are as many as 27 million Indians who hold crypto assets, largely from Tier II and Tier III cities. A close observation of the …

Crypto Winter, Tax Rules Cast Shadow on India Business; Can They Still be Called Safe?
2 years, 8 months ago

Crypto Winter, Tax Rules Cast Shadow on India Business; Can They Still be Called Safe?

News 18  

Indian investors had readily accepted cryptocurrency as a brilliant means to invest especially after the Bitcoin boom that happened a few years back. With its not-so-accepting approach to cryptocurrencies, the government during Budget 2022 inserted a new Section under the Income Tax Act, whereby income from virtual digital assets would be taxable at the rate of 30 per cent, while …

Tax withholding on virtual digital assets
2 years, 8 months ago

Tax withholding on virtual digital assets

Live Mint  

The Finance Minister created a stir in Budget 2022 by introducing taxation on Virtual Digital Assets such as cryptocurrencies and non-fungible tokens. The Budget also introduced a new provision, section 194S in the Income Tax Act, 1961 that provides a 1% tax deducted at source, to be deducted by the payer of the consideration on transfer of such assets, exceeding …

Explained | What are SEBI’s concerns around crypto assets?
2 years, 9 months ago

Explained | What are SEBI’s concerns around crypto assets?

The Hindu  

The story so far: The Securities and Exchange Board of India, the watchdog which regulates the securities and commodities market, has reportedly told the Parliamentary Standing Committee on Finance led by Jayant Sinha that regulation of crypto assets would be difficult given the nature of technology that sustains them. SEBI has essentially flagged the problems with regulating crypto assets because …

ITR filing: Income tax rules for crypto, virtual digital assets you should know
2 years, 11 months ago

ITR filing: Income tax rules for crypto, virtual digital assets you should know

Live Mint  

The government is working on an FAQ on taxation of cryptocurrencies, which will give a nuanced clarification on the applicability of income tax and GST on virtual digital assets, an official said. The DEA, Revenue Department and the Reserve Bank are working to ensure that the taxation aspect is clear both for field tax offices as well as those who …

This is how cryptocurrency assets will be taxed from April 1 in India. 10 points
2 years, 11 months ago

This is how cryptocurrency assets will be taxed from April 1 in India. 10 points

Live Mint  

Cryptocurrency assets will be taxed: From 1st April 2022, some changes in the income tax rules announced by Finance Minister Nirmala Sitharaman while presenting Union Budget 2022 will get implemented. Nirmala Sitharaman in the Union Budget 2022 announced that “any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent.” “The new …

Crypto Tax rules in India: How will cryptocurrency assets be taxed from April 1?
2 years, 11 months ago

Crypto Tax rules in India: How will cryptocurrency assets be taxed from April 1?

India Today  

Cryptocurrency investors in India will have to pay tax under the new scheme for Taxation of Virtual Digital Assets from April 1. Financial Minister Nirmala Sitharaman in the Union Budget 2022 announced that "any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent." The minister also added that in order to …

Crypto tax rules: Should you sell your crypto assets before Mar 31?
2 years, 11 months ago

Crypto tax rules: Should you sell your crypto assets before Mar 31?

Live Mint  

The Indian government has tightened bolts for trading in cryptocurrencies. On Friday, Lok Sabha approved taxation rules on virtual digital assets or "crypto tax" that was proposed in Budget 2022-23 by clearing the Finance Bill 2022. Under the bill, section 115BBH deals with taxes on virtual digital assets, while clause prohibits setting off a loss from crypto assets against income …

Cryptocurrency tax, bill in India: What we know so far
3 years ago

Cryptocurrency tax, bill in India: What we know so far

India Today  

The cryptocurrency tax and proposed regulation bill have been a topic of discussion among investors and stakeholders in India for sometime. The government on Thursday proposed to tighten the norms for taxation of cryptocurrencies by disallowing the set off of any losses with gains from other virtual digital assets, according to a PTI report. FINANCE BILL, 2022 As per the …

Crypto Tax in India: Date, income tax, ITR form, TDS, deduction | Key points
3 years ago

Crypto Tax in India: Date, income tax, ITR form, TDS, deduction | Key points

India Today  

As the ongoing financial year 2021-22 draws to a close, there has been a lot of chatter pertaining to crypto-tax in India. The central government in Union Budget 2022 proposed the introduction of a specific tax regime for virtual digital assets. INCOME TAX ON DIGITAL ASSETS FM Sitharama proposed that "any income from the transfer of any virtual digital asset …

Crypto tax in India explained: How much you may have to pay, tips to prepare
3 years, 1 month ago

Crypto tax in India explained: How much you may have to pay, tips to prepare

India Today  

India has nearly 15-20 million cryptocurrency with total crypto holdings of above $5 billion which shows vast interest among crypto investors. Crypto investors will have to pay 30 per cent tax on their profits. This 30 per cent tax on profit also takes into account a 1 per cent Tax Deducted at Source deposited by the facilitator, exchanges, or a …

Cryptocurrency to be banned in India? What we know so far
3 years, 1 month ago

Cryptocurrency to be banned in India? What we know so far

India Today  

The question over the legality of cryptocurrencies in India has garnered eyeballs, especially after the government's move to tax virtual digital assets. Apart from providing clarity on taxation on virtual digital assets, Union Finance Minister Nirmala Sitharaman and top officials of the government have given statements on the future of cryptocurrency in the country. The proposed bill TAXATION ON VIRTUAL …

Cryptocurrency: RBI and govt on the same page, says FM Sitharaman
3 years, 1 month ago

Cryptocurrency: RBI and govt on the same page, says FM Sitharaman

Live Mint  

Cryptocurrency: Finance Minister Nirmala Sitharaman on Monday said there is complete harmony between the central government and the RBI and that they are on the same page on cryptocurrency. The finance minister said that the Centre and the RBI are working in complete harmony on nut just on cryptocurrency but on every other thing as well. “With RBI and Ministry, …

Budget 2022: Implications of crypto tax regime on common investor
3 years, 1 month ago

Budget 2022: Implications of crypto tax regime on common investor

Firstpost  

After months of speculation and waiting, the crypto ecosystem finally has a nod from the Government of India albeit in terms of a tax regime. With crypto being accorded the highest tax slab for any asset class at 30 percent and the implementation of a 1 percent TDS on bigger trades, investors may feel the pinch if they react to …

Explained | What is the debate around the legality of cryptocurrencies after the announcement of a 30% tax?
3 years, 1 month ago

Explained | What is the debate around the legality of cryptocurrencies after the announcement of a 30% tax?

The Hindu  

The story so far: In her Budget speech, Finance Minister Nirmala Sitharaman introduced a 30% tax on income earned from transfer of virtual digital assets. At a press conference after presenting the Budget, Ms. Sitharaman said consultation is underway with stakeholders on digital assets, adding that there is no clarity yet on how the Government of India will regulate cryptocurrencies. …

By Taxing Crypto Assets, India Has Taken First Step towards Regulating This Volatile Space
3 years, 1 month ago

By Taxing Crypto Assets, India Has Taken First Step towards Regulating This Volatile Space

News 18  

The unregulated space of cryptocurrency has been largely perceived as volatile, unsafe and susceptible to untimely changes. As part of Budget 2022 proposals, transfer of virtual digital assets shall now be liable to Income Tax at the highest marginal rate of 30 per cent plus applicable surcharges. Launch of Digital Currency The Budget proposals lay emphasis on India adopting an …

Crypto Tax: Pay income tax for cryptocurrency transactions done before April 2022
3 years, 1 month ago

Crypto Tax: Pay income tax for cryptocurrency transactions done before April 2022

India Today  

Crypto investors involved in the transaction must take note that there is a taxability of the crypto-currency for the ongoing financial year ending on March 31. Crypto investors should know that the transactions done before April 2022 will not be tax-free," Central Board of Direct Taxes Chairman JB Mohapatra said. Earlier, Revenue Secretary Tarun Bajaj said that income tax return …

A disjointed response: The Hindu Editorial on crypto assets and regulation
3 years, 1 month ago

A disjointed response: The Hindu Editorial on crypto assets and regulation

The Hindu  

One of the most striking moves in the Union Budget’s taxation proposals for 2022-23 is the introduction of a taxation regime for virtual digital assets — evolving manifestations of cryptocurrencies, codes and non-fungible tokens. Finance Minister Nirmala Sitharaman has proposed to tax all profits from transactions in such assets at 30% along with the applicable surcharge and cess, and a …

Crypto Tax Proposed in Budget 2022 Explained: How and When you have to Pay Tax on Crypto
3 years, 1 month ago

Crypto Tax Proposed in Budget 2022 Explained: How and When you have to Pay Tax on Crypto

News 18  

Finance minister Nirmala Sitharaman in Union Budget 2022 announced that India will levy a steep tax at a flat rate of 30 per cent on virtual assets including cryptocurrency and Nonfungible tokens or NFTs. “Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at …

Investing in crypto? Transactions done before April 2022 won’t be tax-free. Read
3 years, 1 month ago

Investing in crypto? Transactions done before April 2022 won’t be tax-free. Read

Live Mint  

The Central Board of Direct Taxes on Thursday clarified that crypto transactions done before April this year will not be tax free as was believed by some. During There has been a phenomenal increase in transactions in virtual digital assets and the magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime. “Accordingly, …

Legal or not? India’s budget raises questions, hopes for crypto
3 years, 1 month ago

Legal or not? India’s budget raises questions, hopes for crypto

Al Jazeera  

Narendra Modi’s government plans to launch an official digital currency and begin taxing profits on cryptos. Narendra Modi’s government said during the budget announcement on Tuesday that it will launch an official digital currency and begin taxing profits earned on cryptocurrencies from the financial year 2022-2023. Even as Finance Minister Nirmala Sitharaman insisted cryptos could not be considered “currencies”, she …

Virtual digital asset: How Union Budget 2022 brings cryptocurrency within tax net
3 years, 1 month ago

Virtual digital asset: How Union Budget 2022 brings cryptocurrency within tax net

Firstpost  

The Finance Minister has also clarified that the government doesn’t consider cryptocurrency as a currency, but shall treat it as a virtual digital asset The Union Budget 2022 announced on Tuesday by Finance Minister Nirmala Sitharaman has finally brought in a lot of clarity on how cryptocurrency will be taxed from Financial Year 2022-23, which is the Assessment Year 2023-24. …

India budget 2022: India announces 30% tax on all cryptocurrencies and NFTs
3 years, 1 month ago

India budget 2022: India announces 30% tax on all cryptocurrencies and NFTs

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy India has imposed a 30 per cent tax on any income from the …

Budget 2022: Cryptos, blockchain & 30 percent tax; All you need to know
3 years, 1 month ago

Budget 2022: Cryptos, blockchain & 30 percent tax; All you need to know

Live Mint  

Until a day before the Budget speech, most of us — especially blockchain aficionados — were eagerly awaiting some substantive announcement on cryptocurrencies. Tax on the transfer of digital assets such as cryptocurrencies and NFTs will now be levied at the rate of 30 percent, announced Union Finance Minister Nirmala Sitharaman during the Union Budget 2022 speech. While expressing the …

Union Budget 2022: India introduces 30% cryptocurrency tax; how it will affect you
3 years, 1 month ago

Union Budget 2022: India introduces 30% cryptocurrency tax; how it will affect you

Firstpost  

Union Budget 2022-23: The announcement of a heavy tax on crypto income has come as a big disappointment for crypto investors as finance minister Nirmala Sitharaman also gave no relief in case of losses Finance minister Nirmala Sitharaman in her 2022 Budget Speech Tuesday said that 30 per cent tax would be charged on income from the transfer of virtual …

Cryptocurrency: RBI to bring India's own digital rupee; how much tax it will attract | All you need to know
3 years, 1 month ago

Cryptocurrency: RBI to bring India's own digital rupee; how much tax it will attract | All you need to know

India TV News  

Highlights RBI to issue digital rupee based on blockchain technology in 2022-23 With this, India will join certain countries that have their own central bank digital currency China's digital RMB was the first digital currency to be issued by a major economy Budget 2022: Finance Minister Nirmala Sitharaman on Tuesday announced the launch of India's own digital currency by the …

How India’s crypto industry reacted to Budget 2022
3 years, 1 month ago

How India’s crypto industry reacted to Budget 2022

Live Mint  

Union Finance Minister Nirmala Sitharaman, in her Budget 2022-23 speech on Tuesday, announced plans to start a digital currency and tax crypto assets, as the country keeps pace with the global move toward virtual financial instruments. Here's how India's crypto industry has reacted to Budget 2022: CoinSwitch CEO Ashish Singhal We welcome the government's decision to introduce central bank digital …

India imposes 30% tax on income from cryptocurrency, digital assets; 1% TDS on buy/sale
3 years, 1 month ago

India imposes 30% tax on income from cryptocurrency, digital assets; 1% TDS on buy/sale

India TV News  

Giving clarity on taxation of cryptocurrencies and other virtual assets, Finance Minister Nirmala Sitharaman on Tuesday proposed a 30 per cent tax on income from transactions in such assets. Also, to bring such assets under the tax net, she proposed a 1 per cent TDS on transactions in such asset classes above a certain threshold. Experts said the 30 per …

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