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The Finance Bill 2022 passed in Lok Sabha with new crypto tax rules

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The crypto-currency market has been growing at a rapid pace since its inception in 2009. As cryptocurrencies have become more and more popular, they have posed a threat to the traditional financial system and governments predicted that it would be difficult to regulate the cryptographic market.

As of now, most countries are struggling to find a solution for taxing the crypto market. In India, tax experts responded that there is no existing law or regulation to tax cryptocurrencies.

New crypto bill passed in India parliament

  •  30% Flat tax on every profit.
  •  1% TDS on every trade/transaction (July Onwards)
  •  No Deductions.
  •  No Loss setoff.

The government of India is considering a 30% flat tax on every profit.

1% TDS on every trade/transaction (July Onwards).

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