Cryptocurrency: Tax deduction rule on crypto!!!
Cryptocurrency: Tax deduction rule on crypto!!!
Central Board of Direct Taxes (CBDT) Chairman jb Mohapatra notified that the proposed taxation on income from cryptocurrencies and other virtual assets will be applicable from april 1. Apart from this, 1 percent tax deduction (TDS) on transactions in such asset classes will be applicable from July 1, Mohapatra said.
Budget 2022Explain that Finance minister Nirmala Sitharaman had proposed 30 percent tax on the transfer of such properties in the Budget 2022. Under this proposal, india has become one of the few countries to tax wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital assets like non-fungible tokens (NFTs), including cryptocurrencies. Sitharaman had also proposed TDS on transactions to bring these properties under the tax net.
CBDT statementOn Income Tax Collection, CBDT said that the annual net collection has increased by 48.4 percent to Rs 13.63 lakh crore, which is the best since the financial year 2018-2019. This year the budget estimate of CBDT was Rs 11.08 crore which was increased to Rs 12.50 lakh crore in the Revised Estimate.
Mohapatra said today's tax collection of Rs 13.63 lakh crore is expected to increase further by march 30. Our gross and net collection is the highest ever in the history of the tax department in the last five years. The government has collected a Security Transaction Tax of Rs 22,280 crore in the financial year. This estimate is more than Rs 12,500 crore, which is Rs 20,000 crore in the revised estimate.At the same time, Mohapatra said that "The main reason for the high-security transaction tax has been seen due to good transactions in the stock market."
Central Board of Direct Taxes (CBDT) Chairman jb Mohapatra notified that the proposed taxation on income from cryptocurrencies and other virtual assets will be applicable from april 1. Apart from this, 1 percent tax deduction (TDS) on transactions in such asset classes will be applicable from July 1, Mohapatra said.
Budget 2022Explain that Finance minister Nirmala Sitharaman had proposed 30 percent tax on the transfer of such properties in the Budget 2022. Under this proposal, india has become one of the few countries to tax wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital assets like non-fungible tokens (NFTs), including cryptocurrencies. Sitharaman had also proposed TDS on transactions to bring these properties under the tax net.
CBDT statementOn Income Tax Collection, CBDT said that the annual net collection has increased by 48.4 percent to Rs 13.63 lakh crore, which is the best since the financial year 2018-2019. This year the budget estimate of CBDT was Rs 11.08 crore which was increased to Rs 12.50 lakh crore in the Revised Estimate.
Mohapatra said today's tax collection of Rs 13.63 lakh crore is expected to increase further by march 30. Our gross and net collection is the highest ever in the history of the tax department in the last five years. The government has collected a Security Transaction Tax of Rs 22,280 crore in the financial year. This estimate is more than Rs 12,500 crore, which is Rs 20,000 crore in the revised estimate.At the same time, Mohapatra said that "The main reason for the high-security transaction tax has been seen due to good transactions in the stock market."