Finance Minister Nirmala Sitharaman made several announcements during the presentation of the Union Budget. In which it was said to bring crypto currency under the tax net. Now this rule is being implemented from 1st April. That is, if you earn anything from cryptocurrencies or virtual assets, then you will have to pay 30% interest on it. This big decision from the government has been taken keeping in mind the increasing use of cryptocurrencies. Let’s know the big things related to it-
“Under the new tax regime, cryptocurrencies will have to pay 30% tax with effect from April 1, 2022,” says Kunal Jagdale of BitsAir. We expect crypto investors to hold their money for a long time.’
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Understand how much tax will have to be paid
According to the new rules, now 30% tax will have to be paid on cryptocurrencies made. Suppose you have invested 15 thousand rupees in cryptocurrency. After a few years its cost became Rs.45 thousand. In such a situation, you will have to pay tax on the income earned on it i.e. 30 thousand rupees. A tax of about 9 thousand rupees will have to be paid.
If you gift crypto or any other virtual asset as a gift, that will also be subject to tax. However, crypto investors can claim one percent TDS. But for this they have to file ITR. Let us tell you, the provision of TDS will be applicable from July 1, 2022.
All efforts are being made on behalf of the government because the government wants to keep an eye on the transactions related to cryptocurrencies. Prime Minister Narendra Modi has also expressed his concern regarding cryptocurrencies.