Okay so, this is a must read about #Budget2022
Finance Minister Nirmala Sitharaman’s Budget announcement on cryptocurrency taxation at a flat rate of 30 %.
Finance Minister Nirmala Sitharaman’s Budget announcement on cryptocurrency taxation at a flat rate of 30 %.
Overall, this is a positive move, the good news for crypto is that it was finally acknowledged in the budget. That doesn't mean it's legal—it will only be after the crypto bill.
But still, 30% is way too high
But still, 30% is way too high
To capture details of all such crypto transactions, she also proposed a 1% tax deduction at source on payments made related to purchase of virtual assets.
No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition. Further, loss from transfer of digital asset cannot be set off against any other income.
in simpler terms, you invested 10$ in crypto and then you had a loss of 5$, again you have invested 10$ in some other coin and made a profit of 6$, so you have to pay 30% tax of those 6$ rather than 30% of 1$(you shouldn't deduct your loss from the profit while paying tax)
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