Annual Budget 2022-23: Income from crypto to be taxed

• On Tuesday, the Union Finance Minister of India Nirmala Sithraman announced the budget for the financial year 2022-23.

• She announced that the investors dealing in cryptocurrency would have to pay a 30% tax on income earned by making investments in them.

• Cryptocurrency will attract the maximum amount of tax i.e. 30% in the country.

• This also means that the Government of India has accepted the cryptocurrency.

• “Cryptocurrencies will be taxed at 30%. Any income from the transfer of any virtual digital asset shall be taxed at 30%. No deductions and exemptions are allowed. Loss from the transfer of such assets cannot be set off against any other income,” Finance Minister said.

• The cryptocurrency exchanges in India like WazirX, Binance, and CoinSwitch Kuber have welcomed the decision.