A big announcement was done during the Cryptocurrency Taxation. During the Budget speech, the finance minister announced that virtual digital assets including cryptocurrencies will be taxed at a rate of 30% from 1st April 2022.
Refer our latest Post on Budget 2022 and Latest Income Tax Slab rates at “Latest Income Tax Slab Rates for FY 2022-23 / AY 2023-24 | Budget 2022 Key Highlights“.
The definition of digital assets as per the Budget 2022 is as below.
“Any information or code or number or token (not being Indian currency or foreign currency), generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged …with or without consideration, with the promise or representation of having inherent value, or functions as a store of value or a unit of account including its use in any financial transaction or investment, but not limited to investment scheme; and can be transferred, stored or traded…