How to calculate tax on your crypto assets from this year?

economictimes.indiatimes.com:

The industry has been actively lobbying for positive regulations. Budget 2022 did not directly provide any indication of regulatory clarity. However, it did introduce a new scheme of taxation on crypto. Section 115BBH was introduced to tax all gains from the transfer of virtual digital assets (VDAs) at 30% without allowing any deduction for expenses nor setoff of any loss. Further, Section 194S was introduced to deduct TDS at 1% on all transfers of VDAs with an intention to widen the tax base. These provisions are applicable from the financial year 2022-23 (FY23).

Did you Know?

Premium tea company Vahdam India has gifted a personalised NFT to Parag Agarwal the newly-appointed Indian-origin CEO of Twitter

Calculating taxes on cryptos for FY23There can be various incomes that an investor receives in cryptos like salary, consulting, capital gains and lending etc. Budget 2022 did not explicitly clarify the taxation of these incomes, hence a conclusion has to be drawn by interpreting the existing provisions.Tax on salary received in cryptosSince many Indians are involved with various crypto projects as employees, it is pretty common to receive remuneration in cryptos. In case an employee receives salary in cryptos, the fair market value of the crypto received in Indian rupees will be the taxable amount of salary. This income will be taxed as income from salary at applicable slab rates.Tax on crypto gainsGains made by trading in cryptocurrencies will now be taxed at a rate of 30% on profits without any deduction for any expenses other than the cost of purchase. Additionally, losses in one crypto transaction cannot be set off with gains in another crypto transaction. So from FY23, crypto gains will be