Finance Minister Nirmala Sitharaman on Tuesday provided details pertaining to the taxation on the cryptocurrency assets.
In her Budget 2022 speech, FM Sitharaman proposed that any income from the transfer of any virtual digital asset will be taxed at the rate of 30 per cent.
“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 cost of acquisition,” FM Sitharaman said in Parliament.
FM Sitharaman on Tuesday presented the Union Budget 2022 for the financial year which is set to commence on April 1.
Asia’s third-largest economy is estimated to expand 9.2 per cent in the ongoing fiscal year that ends on March 31, following a contraction of 7.3 per cent in the previous fiscal.
The stage for the Budget presentation was set by the Economic Survey stating that the government has the fiscal space to do more to support the economy that is projected to grow at a healthy 8 per cent to 8.5 per cent growth in the 2022-23 fiscal.
