New Delhi: Finance Minister Nirmala Sitharaman in her Budget Speech 2022 said that income from digital asset transfers will be taxed at a rate of 30 per cent. This move is seen as ‘crypto tax’.
FM Nirmala Sitharaman said, 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 cost of acquisition.
Gifts received in the form of cryptocurrencies will also be taxed at the same rate. Cryptocurrencies gifts will be taxed at the receiver’s end, added Sitharaman
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 cost of acquisition: FM Nirmala Sitharaman#Budget2022 pic.twitter.com/DHQvZsRyeN
— ANI (@ANI) February 1, 2022
With this FM Sitharaman also announced that RBI will issue digital rupee using blockchain in FY 22-23.
“Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy,” she said.
Earlier, the Union Cabinet approved the Budget 2022-23 presented by Finance Minister Nirmala Sitharaman in Parliament.
Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy: FM Nirmala Sitharaman#Budget2022 pic.twitter.com/tUdj2DoZCR
— ANI (@ANI) February 1, 2022
Earlier today, Sitharaman met President Ram Nath Kovind ahead of the Budget presentation. She was accompanied by Ministers of State for Finance Pankaj Chaudhary, Bhagwat Karad and other officials from the Ministry.
Amid the ongoing coronavirus pandemic, replacing her signature ‘bahi khata’, she opted to carry the documents in a tablet, which was wrapped in a red-coloured cover with the national emblem emblazoned on it.
