Breaking | India: Transfer of digital assets to attract 30% tax
ambcrypto.comFinance Minister Nirmala Sitharaman has unveiled the Indian Budget today for 2022-23 with two major announcements around cryptocurrencies.
<p lang=«en» dir=«ltr» xml:lang=«en»>#BudgetWithMint | «Any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent» – Finance Minister #NirmalaSitharaman presents #Budget2022 in parliament pic.twitter.com/hiTwADhd8e— Mint (@livemint) February 1, 2022
The FM has proposed a taxation rate of 30% on any income arising from the transfer of any virtual digital asset. Moreover, it is reported that no deduction in respect of any expenditure or allowance will be allowed while computing such income. An exception will only be made by including the cost of acquisition.
Another major announcement comes around a central bank digital currency or CBDC. FM Sitharaman said in her budget speech that a digital rupee will be issued using blockchain and related technologies. This can become a reality in 2022-23 when it will be issued by the Reserve Bank of India. FM said,
“This will give a big boost to the economy.”
<p lang=«en» dir=«ltr» xml:lang=«en»>Digital currency will be issued by the RBI in 2022-23. Digital rupee will give a big boost to the economy: FM @nsitharaman #AatmaNirbharBharatKaBudget। #BudgetWithAIR pic.twitter.com/yCK9OjtXix— All India Radio News (@airnewsalerts) February 1, 2022
Overall, the industry has given a positive reaction to the above announcements. Nischal Shetty, chief of WazirX took to Twitter to call it “great news.”
<p lang=«en» dir=«ltr» xml:lang=«en»>Blockchain powered Digital Rupee by @RBI will be introduced 2022-23 in IndiaGreat news! More crypto adoption on the way
Read more on ambcrypto.com
