Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
No Result
View All Result

Home » India Imposes 30% Tax on Cryptocurrency Proceeds

India Imposes 30% Tax on Cryptocurrency Proceeds

Kelly Cromley by Kelly Cromley
Feb 1, 2022
in Market News, News
Reading Time: 2 mins read
0

Union Budget 2022-23: Finance Minister Nirmala Sitharaman imposed a 30% tax on the revenues of digital asset transfers on Tuesday. Finance Minister Nirmala Sitharaman imposed a 30% tax on any revenue derived from the transaction of cryptoassets on Tuesday, emphasizing that no discounts or exclusions would be permitted.

The gifts are liable to be taxed at the recipient’s hands, she explained, noting that a 1% tax would also be collected at source (TDS) on payments carried out for the movement of digital assets. Additionally, any loss incurred in the sale of such cryptoassets cannot be offset against any other profit.

India’s own digital currency will become a reality in the near future, with Finance Minister Nirmala Sitharaman publicly confirming the initiative during her Budget 2022 address.
“Any revenue from cryptoassets is taxed at 30%,” the finance minister stated while tabling her fourth budget. “There will be no deductions save for purchase costs. The TDS is applied over a defined monetary level, and virtual currency gifts are taxed in the recipient’s possession.”

Finance minister Nirmala Sitharaman also stated in her Union Budget 2022 announcement that the Reserve Bank of India (RBI), the country’s central bank, would launch a crypto currency next fiscal year utilizing blockchain as well as other supporting technologies.

“The launch of a central bank digital currency would significantly stimulate the digital economy,” Nirmala Sitharaman stated Tuesday as she delivered the government budget. “Digital money will also greatly improve the efficiency and cost-effective method of currency administration.”

Prior to the introduction of this year’s Union Budget, curiosity was widespread about the central government’s official position on cryptocurrencies and any prospective taxes levied on them. While some speculated that India might outlaw cryptocurrencies, others argued that rigorous regulatory measures would be implemented to rein in digital token trades.

Previously, India’s central bank expressed “severe worries” about private cryptocurrencies, claiming they may contribute to financial uncertainty.

Previous Post

Brave New Coin Collaborates with Algoracle to Offer Extensive Financial Data to the Algorand Project

Next Post

Bitcoin Market Dominance Reaches 2-Month High as Altcoins Struggle

Related Posts

chainbase

Chainbase Launches Token C to Power Decentralized Data Access

by Kelly Cromley
Jul 14, 2025
0

Chainbase, the entity behind the Hyperdata Network, has formally introduced its native token, known as C, in a move that...

artgis partners with hashepoch

ArtGis and HashEpoch Unite to Revolutionize Web3 Sports Finance

by Kelly Cromley
Jul 14, 2025
0

ArtGis Finance and HashEpoch have entered into a strategic collaboration, signaling a significant step forward in the integration of digital...

Binance Offers $250,000 For Information Leading To Arrest Of Hackers

Binance Launches Sharia-Compliant Crypto Staking Service

by Kelly Cromley
Jul 14, 2025
0

Binance has unveiled a new investment solution tailored to meet the principles of Islamic finance, aiming to serve a growing...

AEON

AEON Pay Expands into Nigeria with Seamless Crypto Payments

by Kelly Cromley
Jul 14, 2025
0

AEON, a Web3-focused cryptocurrency payment infrastructure, has officially extended its mobile payment service, AEON Pay, into the Nigerian market. This...

filecoin partners with theoriq

Filecoin Teams Up with Theoriq to Boost Web3 AI Agents

by Kelly Cromley
Jul 14, 2025
0

A new collaboration between Filecoin and Theoriq is set to reshape how users interact with Web3 infrastructure. Filecoin, recognized for...

Caffeine AI

Caffeine Empowers Web3 App Creation Through Natural Language

by Kelly Cromley
Jul 14, 2025
0

Caffeine, an innovative platform built on the Internet Computer (ICP) blockchain, is reshaping the landscape of decentralized application (dApp) development...

Next Post
Bitcoin Market Dominance Reaches 2-Month High as Altcoins Struggle

Bitcoin Market Dominance Reaches 2-Month High as Altcoins Struggle

  • Collé Ai

    Collé: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • Hyper Foundation Launched to Boost Hyperliquid Blockchain Development

    by Kelly Cromley
    Oct 15, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025

Recent News

chainbase
Market News

Chainbase Launches Token C to Power Decentralized Data Access

by Kelly Cromley
Jul 14, 2025
artgis partners with hashepoch
Market News

ArtGis and HashEpoch Unite to Revolutionize Web3 Sports Finance

by Kelly Cromley
Jul 14, 2025
Binance Offers $250,000 For Information Leading To Arrest Of Hackers
Market News

Binance Launches Sharia-Compliant Crypto Staking Service

by Kelly Cromley
Jul 14, 2025
AEON
Market News

AEON Pay Expands into Nigeria with Seamless Crypto Payments

by Kelly Cromley
Jul 14, 2025
filecoin partners with theoriq
Market News

Filecoin Teams Up with Theoriq to Boost Web3 AI Agents

by Kelly Cromley
Jul 14, 2025

Categories

  • Altcoin News
  • Analysis News
  • Binance Coin News
  • Bitcoin News
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market Forecasts
  • Market News
  • News
  • Ripple News
  • Solana News
  • Tether News
Trustpilot

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree