Budget 2022: India to Levy a 30% Tax on Income from Crypto and Virtual Digital Assets
Feb. 1, 2022India to Levy 30% Tax on Crypto, NFT Investments
Now, the taxation policy on income from cryptos and digital assets is a positive move in the sense that the Indian governmenthas finally recognized cryptocurrency as a legitimate investment optionin the country. However, some crypto experts are discouraging the steep 30% tax rate.
“Including a specific tax regime for virtual digital asset (such as crypto) while [it] provides clarity is not in line with what the industry was expecting. The 30% rate of tax and restriction to set-off losses is a very bold move in discouraging transactions in crypto,”Ritesh Kumar, a partner in IndusLaw law firm, said in a statement.
On the other hand, crypto exchange platforms are seeing this as a powerful move for crypto regulation in India. Siddharth Menon, the co-founder of WazirX, tweeted that“the clarity on crypto tax is such a positive move by our government.”
“This essentially removes doubt of illegal vs legal for those who are still wondering. Now waiting for Banks to support us,”Menon further added.
So, what do you think about India charging a 30% tax on income from cryptocurrencies and digital assets? Do you think it is a positive move for crypto investments in India? Let us know your thoughts in the comments below.
A geek at heart, you’ll find me fidgeting with an iOS device or sitting in front of the laptop, scouring the internet to find interesting technological innovations. In my free time, you’d find me playing Valorant or listening to Pink Floyd.
