Crypto Mining Cost Not To Be Allowed As Deduction Under I-T Act: Minister of State for Finance Pankaj Chaudhary
New Delhi: Infrastructure cost incurred in the mining of cryptocurrencies or any virtual digital assets will not be allowed as deduction under the income tax act, Minister of State for Finance Pankaj Chaudhary said on Monday. In a written reply to the Lok Sabha, Chaudhary said the government will come out with a definition of virtual digital assets with a view to levy 30 per cent tax on income from the transfer of such assets. He further said "infrastructure costs incurred in the mining of VDA will not be treated as cost of acquisition as the same will be in the nature of capital expenditure", which is not allowable as a deduction under the I-T Act. The Budget 2022-23 also proposed a 1 per cent TDS on payments towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient.
Ready to cash out Bitcoin? Understand income tax rules on cryptocurrency in India
Crypto Tax: Italy Plans To Impose 26% Levy On Crypto Trading Gains; Details Here
TDS Rules On Cryptocurrencies Effective From Today; Know How These Rules WIll Work
PAN-Aadhaar Linking, Income Tax, Credit Card Rules: 6 Money Rule Changes from Today
TDS On Crypto Assets From July 1: Income Tax Dept Issues Guidelines; Know Rules Here
ITR filing: Income tax rules for crypto, virtual digital assets you should know
Crypto Tax: Pay income tax for cryptocurrency transactions done before April 2022
Investing in crypto? Transactions done before April 2022 won’t be tax-free. Read
Union Budget 2022: 30% Tax On Digital Assets Is Likely To Make Crypto A Legal Asset
Union Budget 2022 | Virtual digital assets such as cryptos, NFTs to be taxed at 30%
Discover Related
Stocks to watch on April 7: Tata Motors, ITC, L&T, Nykaa, IndusInd Bank
India’s mop-up of direct taxes signals its economic strength
Ghaziabad: 94k property tax defaulters may face action
GCC collects property tax of ₹2,020 cr. from April ‘24 to March ‘25
Will the new Income Tax Bill give govt access to your encrypted Whatsapp chats?
‘WhatsApp messages helped uncover ₹200 crore in tax evasion’: Nirmala Sitharaman defends Income Tax Bill
Steep cut in tax won’t be rolled back, FM tells LS
The week in charts: Tax share, oil diplomacy, IndusInd Bank sell-off
For tax purposes, mining without environmental clearance not illegal: Orissa HC
TNPDCL objects to Centre’s move to waive transmission charges on green projects
MCC Budget 2025-26: Revenue from property tax projected to be ₹252.60 crore
Chennai Corporation plans to increase its own source of revenue in 2025-2026