With the beginning of the new month, many new changes are also seen. Many rules are changed and many new rules are implemented. As it is known that the new financial year is going to start from tomorrow i.e. from 1st April. So if you are a crypto investor then you need to be careful. Because with the new financial year, the tax burden on you is also going to increase.
There will be no loss till March 31
According to the announcement made by Union Finance Minister Nirmala Sitharaman during the Budget 2022, from April 1, income from cryptocurrencies or NFTs or other crypto assets will have to be taxed up to 30 percent. Along with this, one percent of TDS will also be deducted from this transaction. So if you have bought any cryptocurrency then sell it today. Because if an investor sells crypto by March 31, then the profit made in this financial year will be added to his income and tax will be deducted accordingly in the tax slab the person falls in. At the same time, from April 1, returns on crypto will be taxed at the rate of 30 percent, irrespective of the tax slab you fall in.
Cannot be set-off
Significantly, the government has also made it clear that the tax on cryptocurrencies cannot be set off with business expenses. Its TDS can be set off only with crypto tax. If you have a loss in crypto, after April 1, you will not be able to adjust your loss against profits from other assets. This rule will be very harmful to those investors who will sell crypto assets at a loss after April 1.
That much of the income from crypto will be deducted
Let us tell you that the Finance Minister did not use the word cryptocurrency anywhere in his entire budget speech, but he was pointing in this direction with the announcement on virtual currency and digital assets. The Finance Minister announced a 30 percent tax on income earned from virtual currency or digital assets. Understand it in such a way that suppose you invested 1 lakh rupees in cryptocurrency, after this investment you got a profit of 50 thousand rupees, then the government will deduct 30 percent tax on the profit of this 50 thousand rupees in the form of tax, that is, you got from crypto. Out of this earning, Rs 15000 will go to the government's account. The decision to impose a 30 percent tax on crypto income is a bit surprising, but crypto investors in India are considering it a positive step of the government. This move will eventually make investors think twice while deciding where to invest their money in this risky crypto market.
Tax will be levied on the gift taker
Apart from this, the Finance Minister has also announced in his budget speech to impose a hefty 30 percent tax in the case of gifting any such property. It can be understood in this way that if you give a cryptocurrency gift of Rs 1 lakh to someone, then to whom you are giving this precious gift i.e. 30 percent tax will apply to the recipient. If you gift a cryptocurrency worth Rs 1 lakh, then he will have to pay 30 percent of it or Rs 30,000 as tax to the government.
Calculation of 1% TDS
TDS i.e. Tax Deducted at Source is a part of Income Tax. Talking about the announcement of the government, you will have to pay TDS of 1 percent on the transaction of any kind of cryptocurrency. If you understand in simple language, if you have done a transaction of cryptocurrency of Rs 1 lakh, then 1 percent TDS will be deducted from the amount of this transaction when it comes to your account. By deducting TDS, the government will get a complete account of the cryptocurrency transactions done from your account. This means in a way, TDS is levied to keep an eye on the transactions of cryptocurrencies.
On March 28, a powerful earthquake struck Myanmar. Its tremors were felt till Thailand, Vietnam,
President Remark Row: Why did Smriti Irani do this to Sonia Gandhi? Read what is the whole matter
Senior Congress leaders and former Union Minister and Union Minister Smriti Irani are calling it
World Heritage Day 2023 Be it the religious place located in Sankisa, Rashid Khan's tomb located
The cases of corona infection in the country are now increasing rapidly. As the cases of Corona i
Elon Musk's attitude suddenly changed, said - Ukraine cannot be given free internet forever
Elon Musk, the world's richest man, has suddenly changed his attitude towards Ukraine. Musk says
The results of the Lok Sabha elections in 2024 are going to come today. Along with this, the resu
Akasa Air: A bird collided with an Akasa airline plane, flight going to Bangalore returned to Mumbai
Akasa Airlines' Mumbai-Bengaluru flight was disrupted today. The bird collided with his plane aft
JEE Mains 2022 Session-2: The examination of session-2 of JEE Main, the country's biggest enginee
Wrestling Federation of India (WFI) and Brijbhushan Sharan Singh are once again in the news. The
Russian President Vladimir Putin is ready to talk about ending the war in Ukraine but for this, t
