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ARTICLE · 01 MARCH 2022

Digital Currency Taxation Proposals – Features And Way Forward

Khurana & Khurana, Advocates and IP Attorneys
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On February 1st, 2022, during her budget speech, India's Finance Minister made a huge announcement which is somewhat considered as a setback for the crypto industry.

IndiaTechnology
Shawaiz Nisar
Shawaiz Nisar
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Introduction

On February 1st, 2022, during her budget speech1, India's Finance Minister made a huge announcement which is somewhat considered as a setback for the crypto industry. She announced that any income derived from the transfer of digital assets including cryptocurrencies, shall be taxable at a rate of 30% in addition to TDS on payments made in relation to the transfer of virtual digital assets at 1% of the consideration crossing the monetary limit. This proposal as stated earlier has been taken as a setback for the crypto industry, however, many have taken it as a sign of legalization of cryptocurrencies. How much this proposal is a setback to the crypto industry and how much it paves the way for legalising of the same, shall be dealt by the present Article.

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