Income From Virtual Digital Assets Will Be Taxed At 30%: Nirmala Sitharaman
Mumbai: Income from the transfer of any virtual digital assets will be taxed at 30%, Finance Minister Nirmala Sitharaman said on Tuesday. Also Read: E-Passports With Embedded Chips To Be Rolled Out In 2022-23: Nirmala Sitharaman
The move is being seen as a ‘cryptocurrency tax’. Presenting the Union Budget 2022-23 in the Lok Sabha, Sitharaman said that gifts received in the form of cryptocurrencies will also be taxed at the same rate. Cryptocurrency gifts will be taxed at the recipient’s end. Also Read: National Highway Network To Be Expanded By 25,000 km In 2022-23: FM
“I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition,” Sitharaman said. Also Read: India To Grow At 9.27% in FY22, Highest Among All Large Economies: FM Sitharaman
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The Finance Minister also announced that the Reserve Bank of India will issue a digital rupee in the next financial year. Also Read: Digital Rupee To Be Issued By The RBI Starting 2022-23: Nirmala Sitharaman
Earlier today, Sitharaman met President Ram Nath Kovind ahead of presenting the budget. She was accompanied by the Minister of State for Finance Pankaj Choudhary, Bhagwat Karad and other officials of the ministry.
In an effort to go green, the Union Budget for 2022-2023 was presented in a paperless format. Sitharaman read out the Budget at the Parliament through a tab, instead of the traditional ‘bahi khata’.
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