Union Budget 2022 provided much-needed clarity on how digital currencies will be taxed in the country. The cryptocurrency gained an immense popularity in India in the last few year. With over 10 crore cryptocurrency investors, India has one of the biggest market of digital tokens. It has been a longstanding demand of the investors to provide a tax framework for the virtual currency investments. Finance minister Nirmala Sitharaman announced a new tax framework for cryptocurrency investors.
Union Budget 2022 proposed that the transfer of any virtual or cryptocurrency asset will be taxed at 30 per cent. No deduction except cost of acquisition will be allowed and no loss in transaction will be allowed to be carried forward, the finance minister said in Budget 2022.
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