GOVT WRIGGLES OUT OF A TIGHT SPOT BY ANNOUNCING 30% TAX ON CRYPTO PROFITS
RBI HAS TO MATCH THE EDGE AND SUPERIORITY OF PRIVATE CURRENCIES
2022-02-02 11:13
-
Finance Minister Nirmala Sitharaman made some much-awaited announcements about income from crypto transactions in the Union Budget 2022-23 presented on February 1, 2022. As per the budget proposals, the government intends to levy a flat 30% tax on profits earned on crypto transactions. This is irrespective of the income tax slab applicable to a person. The government has also proposed to levy 1% TDS for payment transfers involving cryptocurrencies. The government has also announced its decision to introduce a central bank digital coin (CBDC) in the next fiscal.