“There’s been a phenomenal increase in transaction in virtual digital assets,” said India’s finance minister while proposing 30% tax on crypto income. cryptocurrency bitcoin
India Proposes 30% Tax on Crypto Income — Finance Minister Cites 'Phenomenal Increase' in Crypto Transactions
I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition. Nischal Shetty, the CEO of crypto exchange Wazirx, commented: “We also hope this development removes any ambiguity for banks and they can provide financial services to the crypto industry.”
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