Indian crypto tax policy to treat each digital asset investment independently
The government intends to treat each crypto trading pair transaction separately, deterring traders as the gov't would only tax their profits without accounting for the losses. Indian crypto tax policy became even more complicated just a week before the new tax laws are set to come into effect. A new parliamentary note answering queries about the new tax policies on virtual digital asset (VDA) suggest that traders can’t offset their losses from one digital asset against profit on another.As the new tax policy waits for April 1 to come into effect, many experts claim the latest clarification....
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India’s new crypto tax policy is based on its gambling and lottery ticket win tax rules, that is set to come into effect from April 1. The Indian Finance Bill 2022 with new 30% crypto tax rules was approved by the Rajya Sabha, the upper house of the Indian parliament, to make it a law today that will come into effect starting on April 1.The approval of the bill by the upper house of the parliament comes within a week of the lower house (Lok Sabha) approval.The Finance Bill was introduced during the budget session 2022-23 of the parliament in January. The Finance Bill amended tax rules to....