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As per the Union Budget 2022, how many percent tax will be levied on income from transfer of digital assets (Cryptocurrency) or any virtual/cryptocurrency asset?

As per the Union Budget 2022, how many percent tax will be levied on income from transfer of digital assets (Cryptocurrency) or any virtual/cryptocurrency asset? Correct Answer <span style="">30 per cent</span>

The correct answer is 30 per cent.

Key Points

  • Income from the transfer of any virtual assets will be taxed at 30 per cent.
  • No deduction except the cost of acquisition will be allowed and no loss in the transaction will be allowed to be carried forward, announced in Budget 2022.
  • TDS will be imposed on payments for the transfer of crypto assets at a rate of 1% for transactions over a certain threshold.

Important Points

  • Unocoin is the name of the cryptocurrency exchange company which opened the first virtual Currency ATM in Bangalore.
  • India’s first global index of cryptocurrencies is a rule-based broad market index by market capitalisation, that tracks the performance of widely traded liquid cryptocurrencies in the world.
  • It has launched by CryptoWire, the global crypto app which is a special business unit of TickerPlant.
  • It will monitor the performance of the 15 most-traded cryptocurrencies that are listed on crypto exchanges globally.
  • It includes Bitcoin, Ethereum, Binance coin, Solana, Cardano, Ripple, Terra, Dogecoin and Shiba Inu, Avalanche, Polkadot, Uniswap, Litecoin, Chainlink, Bitcoin Cash.

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