In his 2022 Budget speech, Indian Finance Minister Nirmala Sitharaman talked about a model of 30% tax on income from the transfer of virtual digital assets. He also said that in case of loss, no set-off will be allowed.
Income from transfer of any virtual digital asset shall be taxed at 30%. No deduction or allowance, except cost of acquisition. Loss from it cannot be set off against any other income. TDS on payment made in relation to such a transfer at 1%. Gift at virtual asset also taxable
— Neil Borate (@ActusDei) February 1, 2022
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The Minister of Finance also said that by 2023, a Blockchain-based and RBI-backed Central Bank Digital Currency (CBDC) will be introduced. Ahead of the budget meeting, crypto experts and investors were expecting clarity on the taxation of gains from crypto assets in Budget 2022. Some experts believed that the Finance Minister, Nirmala Sitharaman, may not have directly addressed the issue of cryptocurrencies in her 2022 Budget Speech.
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