Mumbai: As per the announcement of Finance Minister Nirmala Sitharaman in Budget 2022, Traders investing in Crypto will have to pay a 30 percent tax on virtual digital assets from today. Union Finance Minister Nirmala Sitharaman in her Budget 2022 speech on February 1 – had announced a 30 percent on the transfer of virtual digital assets.
For example, If you have invested 5000 Rupees in Crypto, and sell it at 50000 Rupees, then remove 5000 Rupees you have invested, and pay 30 percent of your profit – which means 30 percent of 45000 Rupees (13500 Rupees will be 30 percent tax on Crypto trade.)
In addition, Finance Minister Nirmala Sitharaman proposed a 1% TDS on bitcoin transactions. One percent TDs would be applied to any sale of crypto assets, whether at a loss or profit. It might, however, be recovered as a return for a transaction that resulted in a loss.
The new crypto tax laws are set to take effect on April 1, 2022, with the start of the new financial year. If someone has gifted you a virtual asset or cryptocurrency, it would be liable for taxation as a gift.
(Smit Soni)
