Virtual Digital Assets

Syllabus: General Studies Paper 3 Context Finance Minister , in her Budget 2022 speech on Tuesday (February 1), announced a 30 per cent taxon income from virtual digital assets. As per the minister, the phenomenal rise in such transactions and the magnitude and frequency of these transactions has made it imperative to provide for a specific tax regime. Additionally, a TDS on payment made in relation to the transfer of virtual digital assets at 1 per cent above a monetary threshold is also proposed. More on the news In short, the finance minister has proposed a flat 30 per cent tax on....Read More