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Budget 2022: Existing tax benefits for Startups to be extended by one more year, says FM Sitharaman
Nirmala Sitharaman, the Finance Minister, has announced a 30% tax on the revenues of virtual/digital assets.
Highlights
- The tax relief will be extended for one more year.
- Nirmala Sitharaman, the Finance Minister, has announced a 30% tax on the revenues of virtual/digital assets.
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.
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