CA Keyur Somani
Quick Summary
Time is still the best answer And this saying once again turned out to be true as The Finance Bill, 2022 brings clarity on much talked about Crypto - Crypto and Crypto A lot of speculation was made by Gyani, Agyani and by each and every one about the crypto, some said crypto will be taxed at t
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 Broadcasts
- Daily E-Newsletter
- Unlimited Articles Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
VDAs include information on blockchain networks, podcasts, audio/video content, coded data, number tokens (like crypto), NFTs, and any other asset notified by the government. Indian and foreign currencies are specifically excluded.
Income from the transfer of VDAs is taxed at a flat rate of 30%.
Only the cost at which the VDA was acquired is allowed as a deduction. No other expenses, allowances, or set-offs of losses are permitted.
No, losses from normal business activities cannot be set off against income from the exchange of VDAs.
A TDS of 1% is applicable on payments made for the transfer of VDAs. This applies to transactions exceeding ₹10,000 in general cases, and ₹50,000 for individuals or HUFs not meeting specific turnover or gross receipt thresholds.
Acquiring any VDA for no consideration or for a consideration less than its fair market value, exceeding ₹50,000, will be subject to tax at a rate of 30%.
CAclubindia
