India to tax crypto income at 30%, launch CBDC in the fiscal year 2023

India to tax crypto income at 30%, launch CBDC in the fiscal year 2023 (via Yogita_Khatri5)

The budget, presented on Tuesday by India's Finance Minister Nirmala Sitharaman, said that any income from the transfer of any virtual digital asset will be taxed at a rate of 30%.

Finance Minister Sitharaman said the magnitude and frequency of crypto transactions made it imperative to provide a specific tax regime for crypto. Tax deduction at source or TDS will also be imposed on payments for the transfer of crypto assets at a rate of 1% for transactions over a certain threshold. Gifts of crypto assets will also be taxed in the hands of the recipient.

"Digital currency will give a big boost to the digital economy," said Sitharaman."Digital currency will also lead to a more efficient and cheaper currency management system."

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