News & Media 7th Feb 2022
India has seen an unprecedented growth in the number of crypto investors as Bitcoin skyrocketed to an all-time high. On February 1, 2022 the Union Budget introduced a special provision to tax profits from cryptocurrency?investing, removing any ambiguity on how such gains must be treated.
Against this backdrop, Nishant Shah, Partner, Economic Laws Practice (ELP) has explained how the provisions work:
-30% tax on profit from the transfer of virtual assets
-No expenses other than the cost of acquisition are deductible
-Buyer of crypto has to withhold 1% TDS before paying
-Exchanges may undertake TDS compliance
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