Budget 2022: 30 per cent tax on income from sale or acquisition of virtual digital assets
New Delhi: Finance Minister Nirmala Sitharaman on Tuesday in her Budget speech announced that any income from the transfer of any virtual digital asset shall be taxed at the rate of 30 per cent.
FM Nirmala Sitharaman said, "I propose to provide that any income from the transfer of any virtual digital asset shall be taxed at the rate of 30 per cent. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition."
She said a TDS of 1 per cent made on the transfer of digital assets. Besides, sending or receiving digital assets in the form of gifts would be taxed at the hands of recipients.
