Income From Virtual digital assets (VDA) will be taxable at the rate of 30%. Cryptocurrencies fall under the definition of Virtual Digital assets. Explained in the end. Deduction of Expense No deduction in respect of any expenditure (other than the cost of acquisition) or allowance or set-off of any loss shall be allowed to the assessee under any provision of the Act while computing income from the transfer of such asset.
No benefit of Basic exemption limit will be given and a flat rate of 30% will be levied irrespective of amount of capital gain.
This is more evident by the RATE OF TAX which govt. has imposed , which is a clear indicator that govt. wants to demote the investment in VIRTUAL DIGITAL ASSETS
as this rate is applicable on gambling, batting and other types of casual nature of income.
But the irony is govt. (RBI) itself is also introducing its digital currency.
SIR SECCTION 194 S SHALL BE APPLICABLE FROM 01-07-2022 (FINANACE BILL PAGE NO 89 POINT NO 59 OR MEMORANDUM P 58 POINT NO 3.7) AND NOT FROM 01-04-2022, PLZ CORRECT ME IF I AM WRONG.
No benefit of Basic exemption limit will be given and a flat rate of 30% will be levied irrespective of amount of capital gain.
This is more evident by the RATE OF TAX which govt. has imposed , which is a clear indicator that govt. wants to demote the investment in VIRTUAL DIGITAL ASSETS
as this rate is applicable on gambling, batting and other types of casual nature of income.
But the irony is govt. (RBI) itself is also introducing its digital currency.
Very beautifully explained the new concept of VDA .
Sir you are great . Thank you so much.
Sir if this rule applicable to 1.4.22 then the person once sell all units of VDA then instant buy that price and then any gain is taxable.......?
87A rebate available?
Thank you sir
SIR SECCTION 194 S SHALL BE APPLICABLE FROM 01-07-2022 (FINANACE BILL PAGE NO 89 POINT NO 59 OR MEMORANDUM P 58 POINT NO 3.7) AND NOT FROM 01-04-2022, PLZ CORRECT ME IF I AM WRONG.
1)if i have VDA loss can i set off against VDA profit
2)is VDA a capital asset or ifos
3) will i get UBEL and 87a
4)for companies like coinswitch kuber etc will it be PGBP or IFOS or CG
EXPECTING THAT MY TAX SIR WILL REPLY❤️
Sir plz tell taxability for Py 21-22
Sir what about digital gold?... Will it come under definition of digital asset?