The Indian government will introduce a tax on profits from cryptocurrencies

The Indian government will introduce a tax on profits from cryptocurrencies

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India has seen phenomenal growth in digital asset transactions

The Indian government will introduce a new tax of 30% on income from transactions with virtual assets, writes TechCrunch, citing the words of the country’s finance minister, Nirmala Sitharaman. It also announced the launch of the digital rupee in the country on April 1. There is a way to pay a lesser amount of taxes, just check out biticodes website.

“When calculating such income, no deductions are allowed, with the exception of expenses for the purchase of cryptocurrency. In addition, a loss from the transfer of a digital asset can be set off against any other income. In the case of a gift of a digital asset, the recipient is also proposed to be taxed,” Sitharaman said.

Currently, there is phenomenal growth in transactions with virtual digital assets in India, writes the publication.

“The scale and frequency of these transactions made it necessary to provide for a special tax regime,” adds the Indian Finance Minister.

It is not yet known whether in this way India recognizes cryptocurrency as a legal means of payment or simply wants to collect part of the money from crypto market participants, investors note.

India’s central bank is also set to launch its cryptocurrency next fiscal year. The Central Bank tested it for several months, and also studied its impact on the banking and monetary system.

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