FinMin proposes changes to Finance Bill for crypto assets' taxation

FM Sitharaman is expected to move an amendment clarifying that no tax deduction or set off would be available in place of mining cost of crypto assets and other VDAs or losses from their transfer

Online payments
Premium

Generally speaking, you can find multiple cryptocurrency users in almost every country in the world

Shrimi Choudhary New Delhi
The government on Thursday proposed to tighten the norms for taxation of cryptocurrencies by disallowing set-off of any losses with gains from other virtual digital assets (VDAs). This was part of the 39 amendments proposed by the government to the Finance Bill, 2022.

Finance Minister Nirmala Sitharaman is expected to move an amendment on Friday, clarifying that no tax deduction or set off would be available in place of mining cost of crypto assets and other VDAs or losses from their transfer. 

Besides, all “transfers” of VDAs or crypto assets would be covered under the proposed 30 per cent tax, irrespective of

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Mar 24 2022 | 8:45 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com