Budget 2022: Existing tax benefits for Startups to be extended by one more year, says FM Sitharaman

New Delhi: Existing tax benefits for startups, which were provided tax relief for three years in a row, will be extended for another year. 

Nirmala Sitharaman, the Finance Minister, has announced a 30% tax on the revenues of virtual/digital assets. According to Sitharaman, this will provide a significant boost to the economy.

"Cryptocurrencies will be subject to a 30% tax." Any revenue derived from the transfer of a virtual digital asset will be taxed at a rate of 30%. There are no allowances for deductions or exemptions. "Losses resulting from the transfer of such assets cannot be offset against other income," she explained.