Budget to end crypto taxation ambiguity

economictimes.indiatimes.com:

budget to address the lack of clarity on how income from such transactions is to be taxed and it doesn't necessarily confer legitimacy on such products, revenue secretary Tarun Bajaj said in an interview. The budget announcement had been regarded as recognition of crypto assets such as digital coin, in the absence of explicit legislation on the matter.Assessing Officers' Call till March 31

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Sunny Leone took the lead among Indian actors to secure her digital assets when she broke the news about her association with NFT, two months back. This made her the first Indian actress to mint NFTs

Bajaj said taxation of such transactions in the current year will continue under the current system as decided by the assessing officers. The new regime takes effect April 1. «We were keen to bring clarity in the taxation regime for these assets,» he said. «It is not an illegal activity. If it had been illegal, we would have nabbed those dealing in it.» The call on regulating crypto assets or imposing a ban is not the revenue department's concern. «We want our due tax. It is with the same logic we have gone ahead,» he said. «On these issues, the Department of Economic Affairs will take a call whenever they do.» He would not term this as a step toward legitimising such instruments.