New Crypto Tax rules in India from today, April 1: Key details want to know
Zee News
Taxation of virtual digital assets (VDAs) or "crypto tax" proposed in the Union Budget 2022-23 is set to be implemented from April 1.
New Delhi: After the passage of the Finance Bill, 2022 that include approval on ''crypto tax'' amendments in the Lok Sabha, taxation of virtual digital assets (VDAs) or "crypto tax" proposed in the Union Budget 2022-23 will be implemented from April 1.
The Lok Sabha also passed the amendments introduced in the Finance Bill, 2022 regarding clarification on taxation of virtual digital assets. (Also read: Zee Exclusive: How will tax on virtual digital asset impact Crypto investors?)
- Section 115BBH of the Bill deals with tax on virtual digital assets. Clause (2)(b) prevents loss on the trading of crypto assets from being set off against income under "any other provision" of the IT Act.
- As per the amendment, the word "other" is dropped. Under the amended law, loss from crypto assets cannot be set off against gains in crypto assets as well.
- The 2022-23 Budget has brought in clarity concerning the levy of income tax on crypto assets. From April 1, a 30 per cent I-T plus cess and surcharges, will be levied on such transactions in the same manner as it treats winnings from horse races or other speculative transactions.
