New Delhi [India]Feb 1 (ANI): As the Union Budget 2022 was announced by Finance Minister Nirmala Sitharaman on Tuesday, it has been proposed that the transfer of cryptocurrency or any virtual asset will now be taxed at 30%.
“No deduction in respect of any expense or allowance will be allowed in computing such income except for the cost of acquisition,” Sitharaman said. She added that gifts received in the form of cryptocurrencies will also be taxed at the same rate.
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While several people were of the view that taxation implies that crypto would now be “legal” in India; on the other hand, many have spoken about taxation.
One user wrote, “Crypto investors after watching #Budget2022,” along with a photo that read, “6 Lakh ka Fraud ho gaya mere sath.”
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Another user tweeted: “The government imposed a 30% tax on crypto. The People: #Budget2022 #cryptocurrency. With that, he attached a picture that read, “Dukaan jama raha tha, aap logo aake berozgaar kar die.”
A third person shared a photo of a rickshaw driver in motion, with the text “Crypto Tax” above him, while the rickshaw behind him had the text “Crypto Earnings” .
“30% hi sai, lekin agree to kar liya #cryptocurrency,” another tweet read.
Another tweet read: “When crypto became legal, but you have to pay 30% tax on income from the sale of digital assets.”
Apart from this, Sitharaman in his budget speech had also announced the introduction of digital rupee which will be issued by the Reserve Bank of India from 2022-23. She said that central bank digital currency (CBDC) would give a big boost to the digital economy.
The minister said digital currency will also lead to a more efficient and cheaper currency management system and will use blockchain and other technologies. (ANI)
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