Browsing: Crypto Tax

Ashish Singhal, Co-chair of BACC and Founder-CEO of CoinSwitch Kuber said, “We fear the lack of provision to offset losses will drive away users from KYC-compliant exchanges and platforms to the peer-to-peer grey market, which would defeat the purpose of the new tax.

The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime.  Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 percent, FM Sitharaman said.