Tag: CRYPTO TAX

Crypto tax or digital assets will be taxed at 30%, as announced by Union finance minister Nirmala Sitharaman. This will be the highest tax band in the country. "I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition," Sitharaman said. She also said that currency lies with RBI only, other than that is a crypto asset and will see 30% tax. Cryptocurrencies will be treated as digital assets. U-turn On Banning Cryptocurrency At the end of last year, there were strong rumours that the Indian government is planning to ban all cryptocurrencies. But presenting a digital asset tax of 30% s...