2022-03-31 17:19:11
Taxes in CryptoFrom April 1st, the new crypto tax laws will be applicable on Virtual Digital Assets, which include crypto assets, such as Bitcoin or Ethereum:
Here’s a breakdown of Section 115BBH, that focuses on taxation of gains from Virtual Digital Assets.
Income earned from the transfer of such virtual digital assets will be taxed at flat 30%.
No carry-forward and set off of losses arising from transactions is allowed from FY 2022-23.
Losses from one virtual digital asset cannot be set off against income from a different virtual digital asset.
1% TDS will be deducted on all VDA transactions from July 1st, 2022.
No deduction will be allowed for expenditures (aside from the cost of acquisition) related to purchasing such assets.
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