Ten things to know about crypto taxation
SummaryThe proposals in the Budget do not imply that crypto assets have gained legal tender status
The government has for the first time provided definition for crypto assets and set out a list of proposals on the taxation of this new asset class. The budget proposes that gains arising out of these virtual digital assets will be taxed at a flat rate of 30% irrespective of the individual’s income tax slab rate. In addition, a 1% tax deducted at source (TDS) will be applicable on transfer of such assets over a certain threshold.