News & Media 8th Feb 2022

Budget Speech 2022: Will FM Nirmala Sitharaman address Cryptocurrency regulation and tax issues?

Authors

Nishant Shah Partner | Mumbai

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The Financial Express (India) published an article  on : Budget Speech 2022: ‘Will FM Nirmala Sitharaman address Cryptocurrency regulation and tax issues?’  The article sought views from crypto industry and tax experts on the possibility of Budget 2022 introducing rules for taxation of crypto earnings of individuals.

ELP’s Nishant Shah (Partner) who is quoted in this article believes that upcoming budget may provide some broad indications on the contemplated regulatory framework for crypto. He also notes that “Pending the announcement of the Cryptocurrency Bill, it is expected that the government would announce provisions under the Income Tax Act and the Foreign Exchange Management Act to clarify the treatment of money invested in cryptocurrencies. This in turn will put to rest controversies being raised by authorities. If however Government intends to clarify all aspects only through the Cryptocurrency Bill, then in the interim, there ought to be an assurance by the Government that no adverse or penal consequence will arise in relation to the current position adopted by the assessee, till such time that there is clarity on the issue”.

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