Question
Download Solution PDFAs per the Budget 2022 announcement, a _______ income tax will be applied on earnings from virtual digital assets like cryptocurrencies.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is 30%.
Key Points
- Union Budget 2022: Sitharaman said that there has been a tremendous increase in the use of virtual digital assets and it requires a specific tax regime.
- Despite the government not introducing the much-awaited cryptocurrency bill in the Union Budget 2022-23, the Union Finance Minister, Nirmala Sitharaman announced that any income from the transfer of virtual digital assets will be taxed at 30 percent.
- This year’s Budget address was noteworthy on many counts as it was the shortest address by Finance Minister Nirmala Sitharaman in 4 years.
- Besides this, the finance minister also announced the introduction of central bank digital currency, popularly known as CBDCs, powered by blockchain technology in 2022-23.
- The digital currency will be introduced by the Reserve Bank of India.
Last updated on May 28, 2025
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