Crypto Tax 30% ? 30%Tax For Digital Assets, Highest Tax Band In India

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Budget 2022: Gift of virtual assets will be taxed at the receiver’s end.

New Delhi:

Though the government has yet to confirm whether and how it will allow cryptocurrencies, sources for long have said that cryptocurrencies will be treated as a digital asset. While presenting the Budget today, Finance Minister Nirmala Sitharaman said that income from digital assets will be taxed at 30%, the highest tax band in the country.

After initially planning to ban cryptocurrencies, the Modi government is instead preparing legislation to regulate their use.

Also read: Digital Rupee with Blockchain from RBI Coming Up 

Also read: India Union Budget 2022 | e-passports with embedded chip to be rolled out this year 

Losses from transactions in virtual digital assets cannot be offset against other income, the Finance Minister said.

There are an estimated 15 million to 20 million cryptocurrency investors in India, with total crypto holdings of around Rs 40,000 crore ($5.29 billion), according to industry estimates.

The RBI has voiced “serious concerns” around private cryptocurrencies on the grounds that these may cause financial instability.  The Finance Minister said today that the RBI will  this year introduce a digital rupee, backed by blockchain technology.

Also read: “Battery swapping policy to allow Electric Vehicles charging stations for automobiles will be framed” 

“Introduction of a central bank digital currency will give a big boost to digital economy. Digital currency will also lead to a more efficient and cheaper currency management system,” Ms Sitharaman said.

The government is leaning towards allowing cryptocurrencies as a financial asset; though the user will not be able to make payments with them, they can be held like shares or gold.

Also read: Budget 2022 – 5G Mobile Services Rollout Within 2022-23, Says Nirmala Sitharaman 

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