Crypto is no exception to IT
Assistant Finance Minister Pankaj Chaudhary told the Lok Sabha on Monday that there would be no income tax exemption on infra expenses incurred for mining cryptocurrencies or other virtual digital assets. It is learned that the budget proposes a 30 percent tax on income on cryptocurrencies. In this context, the government will soon bring a definition of virtual digital assets.
No proposals were received from the RBI
Pankaj Chowdhury said he had not yet received any proposals from the Reserve Bank on the mechanism for trading crypto assets. Responding to a written question, the minister said that after discussing with the crypto-related stakeholders and examining all the issues, he would finalize the duty policies on the cryptocurrency sector carefully. Although senior Reserve Bank officials have made it clear on several occasions that cryptocurrencies have no legitimacy, the central budget has proposed a 30 percent tax and 1 percent TDS on the income of crypto assets. But the government has not yet decided on how to levy the tax.