Digital asset tax: what does it entail for the Indian investor?
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- Last Updated on 8 February, 2022
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Sannutha Shetty – [2022] 135 taxmann.com 60 (Article)
From tokens to cryptocurrencies, the world is witnessing a proliferation of digital assets across industries and borders. With the Finance Bill, 2022 (“Bill”) incorporating the taxation of digital assets in the current tax framework, there has been some clarity on what explanation to clause constitutes digital assets.
The move to tax digital assets by the government has elicited a mixed bag of reactions from the crypto industry and the legal fraternity. On the one hand, industry players believe this to be a positive step forward since the introduction of digital asset taxes is indicative of the fact that it has been legitimized in India. However, on the other hand, the government’s discomfort and concerns with digital assets has been made clear by the imposition of a steep 30 percent tax rate without deductions and set off against other income in case of losses. Also, by making digital assets liable to taxation, the government is ensuring that such assets can only be held like shares or bullion, but not be used for making payments.
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