Cryptocurrencies and Taxation thereof under Indian Income Tax Act, 1961

Adv. Ravish Bhatt, ADIT, CIOT | Last updated: 28 July 2022

Save Share

Quick Summary

The Indian Income Tax Act, 1961, now addresses cryptocurrencies under the term 'Virtual Digital Asset' (VDA). Since the Finance Act 2022, gains from VDA transfers are taxed at a flat rate of 30% under Section 115BBH, with limited deductions allowed. Losses from VDA transactions cannot be set off against other income or carried forward, significantly changing the tax landscape for crypto investors.

Author of this article: Adv. Ravish Bhatt Connect with Mr. Bhatt on Linkedin: Click Here 1. What Is Cryptocurrency? Investopedia defines Cryptocurrency as: - A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or d

Daily Limit Reached

You have reached your daily limit of 2 Free Articles

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?

No Ads
WhatsApp Community
Daily E-Newsletter
Unlimited Articles Access
Profile Visitors
Link Social Profiles
Featured Job Posts
Pro Badge
Expert GST Guidance
Unlimited Forum Replies
Download Content in PDF

BEST VALUE

2 YEAR PLAN

3,499

(Excl. of GST ₹629)

1 YEAR PLAN

1,999

(Excl. of GST ₹359)

3 MONTHS PLAN

999

(Excl of GST ₹179)

View all CCI PRO benfits

Already a PRO member? Login here for an ad-free experience.

6973 Views 1 Likes Comment Share Income Tax Report

About the Author

Adv. Ravish Bhatt, ADIT, CIOT

Dual Qualified Lawyer/ Solicitor, International Tax Affiliate, CIOT

Mr. Ravish Bhatt is an International Tax Affiliate with Chartered Institute of Taxation and also a dual qualified lawyer admitted to the roll of Bar Council of Gujarat and Solicitors Regulation Authority, England and Wales. He has experience of over 14 years in dealing with issues pertaining to Direct Taxes, Commercial ... Read more

View Articles

Comments :