Tuesday, June 28, 2022
Home NT Stories 30% Tax On Income From Cryptocurrency and Virtual Assets - Budget 2022

30% Tax On Income From Cryptocurrency and Virtual Assets – Budget 2022

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According to New Budget , taxation of cryptocurrencies and other virtual assets such as NFTs , Finance Minister Nirmlala Sitharaman on Tuesday introduces a new taxation rule of 30 percentage on income from transaction in such assets.

Also, to bring such assets under the tax net, she proposed a 1 per cent TDS (tax deducted at source) on transactions in such asset classes above a certain threshold.

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It is similar to tax levied on income raise from the sale on cryptocurrency is similar to the tax rate such as KBC,Lottery , etc.

According to experts, this can lead to clear the roadmap for crypto industry by introduction of a 30% tax.

This is a big percentage so that leads to downfall of crypto market currently because many people start selling their shares and crypto.

Congress leader Rahul Gandhi on Tuesday dubbed the Union Budget as a “zero-sum budget”, saying it has nothing for the salaried, middle class and the poor.

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