Cryptocurrency to be taxed at 30%
Just a short while back the finance minister of India read out the budget speech.
One of the key features of the speech was a proposed tax of 30% tax or crypto income tax.
This is huge by any standards.
Further there woud be a 1% TDS or tax deducted at source.
No respite if you get a loss
The loss that you book on sale of a crypto cannot be offset against the profits.
Clearly govt. is targeting you
So perhaps the govt, things that if you hold some kind of crypto you are super rich.
Thus you must be taxed and therefore it wants to tax you at a rate of 30%
IT would also not give you any respite in case you have any crypto losses.
The silver lining
There was widespread new that there would be a total ban on crypto.
However there has been an announcement of a digital rupee driven bt the blockchain.
however the speech did not talk about the debatable issue of crypto ban or regulation.
From Crypto to NFT's everything is taxed
The term crypto assets would include cryptos as well as NFT's thus everything gets treated at par and off course taxed at par.