Cryptocurrency uses something called cryptography to secure its transactions. It is considered to be more secure that the real money. What is bitcoin?īitcoin is one of the earliest forms of cryptocurrency, forming part of the worldwide peer-to-peer payment system.Ĭryptocurrency is digital money. Gifting of digital assets will attract tax in the hands of receiver.Losses incurred from one virtual digital currency cannot be set-off against income from another digital currency. Loss from digital assets cannot be set-off against any other income.Ĥ. No deduction, except the cost of acquisition, will be allowed while reporting income from transfer of digital assets.ģ. ![]() Income from transfer of virtual digital assets such as crypto, NFTs will be taxed at 30%.Ģ. Infrastructure cost incurred on mining crypto assets will not be treated as cost of acquisition.ġ. ![]() Losses incurred from one virtual digital currency cannot be set-off against income from another digital currency.Ģ. Latest updates – Clarification on proposed Section 115BBH in Budget 2022ġ.
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