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.
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