Finance minister Nirmala Sitharaman on Tuesday announced a 30 percent tax on the proceeds made on the transfer of virtual digital assets.
Law enforcement agencies are analysing data pertaining to business activities of cryptocurrency exchanges and investors in crypto assets
In a significant move that is believed to have brought cryptocurrencies and non-fungible tokens (NFTs) under a tax net, finance minister Nirmala Sitharaman on Tuesday announced a 30 percent tax on any income from the transfer of virtual digital assets, specifying that no deductions and exemptions will be allowed.
“Any income from virtual digital assets is taxable at 30 per cent,” the finance minister said while presenting the federal budget. “There will be no deduction with exception of the cost of acquisition. The TDS is applicable beyond a specified monetary threshold, and the gift of virtual currencies is taxable in the hands of the recipient.”
0 Comments
Post a Comment