India’s ministry of finance has clarified in parliament how the government plans to tax cryptocurrency transactions. A proposed new section to the Income Tax Act states that gains from crypto transactions will be taxed at 30% while losses cannot be deducted. Indian Government Reveals Taxation Plan The Indian ministry of finance answered some questions Monday in Lok Sabha, the lower house of parliament, regarding how cryptocurrency transactions will be taxed going forward. Minister Pankaj Chaudhary, the minister of state in the ministry of finance, explained that The Financial Bill 2022 has proposed to insert section 115BBH to the Income Tax Act 1961 to provide for the taxation of income from transfers of virtual digital assets (VDAs). He stated: As per the proposed section, any income from transfer of VDA shall be taxed at the rate of 30%. “Further, while computing the income from transfer of VDA, no deduction in respect of any expenditure (other than cost of acquisition) or al
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