- Beginning April 1, a 30% tax will apply to all forms of virtual digital assets (VDA), or crypto assets, that are sold at a profit.
- A 1% TDS will be held back each time you sell a crypto asset, and will be set-off against the crypto tax at the end of the year.
- The crypto tax cannot be set-off against other business expenses.
- India’s Finance Minister has reiterated that the existence of a targeted tax does not give crypto ‘legal status.’
Source Business Insider
Latest Posts in "India"
- India to Impose New Health and Security Tax on Tobacco Machinery, Amend GST Compensation Levy
- Punjab Trade, Tax Bodies Threaten Statewide Stir Over Delayed VAT, GST Refunds
- Briefing Document & Podcast: E-Invoicing and E-Reporting in India
- Meghalaya Extends VAT Exemption on Fruit Wine to 10 Years, Boosting Local Wine Industry
- Allahabad HC: Arbitrary GST Registration Cancellations Without Reasons Amount to ‘Economic Death’ for Businesses
