INIDAN BUDGET 2022, TAX ON CRYPTO EXPLAINED #taxoncrypto #cryptoindia #bitcoin

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Scheme for taxation of Virtual Digital Assets
➢ Insertion of section 115BBH in order to levy 30% tax on any income earned from the transfer of any virtual digital asset
➢ Further, no set off of any loss arising from transfer of virtual digital assets will be allowed against any income computed.
➢ No deduction will be allowed in respect of expenditure other than cost of acquisition.
➢ Set off of any loss from any other income is also not allowed to be set from the income earned due to transfer.
➢ Insertion of section 194S to provide the provision to deduct tax at the rate of 1% on the payment of such transfer.

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