Union Budget 2022: FM proposes ‘crypto tax’ of 30 pc on income from digital assets

Finance Minister Nirmala Sitharaman announced the Union Budget 2022 at the Parliament on February 01. While presenting the Budget in the Parliament, she said, “I propose to provide that any income from 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 cost of acquisition.” “I propose 1 per cent TDS on payment made in relation to transfer of virtual digital assets. Gift of virtual digital assets is also proposed to be taxed in the hands of the recipients.” She added. She further added, Byte: Nirmala Sitharaman, Finance Minister, India