Cryptocurrencies Price Reaction After Budget 2022: Bitcoin Gains By A Tad; Other Altcoins Also Trade Higher

As per Coinmarketcap.com, cryptocurrencies market volume has declined by over 12% over the previous 24 hours and it has been at $61.2 billion. Likewise, the global crypto market cap has surged by over 1 percent over the previous day.

As of writing this copy at around 4:16 pm, the cryptocurrency prices as at Wazirx quoted at a price of Rs. 30,79,955. Other major cryptos were also trading in the green, with few others down in trade.

The crypto industry stakeholders were widely expecting clarity on cryptocurrency and Budget 2022 cleared the air around cryptos and brought it under tax net. The virtual digital assets as called by the centre will be attracting 30% tax on their transfer online.

There will also be additional TDS on crypto transactions in case they exceed some specified threshold. Furthermore, the subsequent amount or the virtual digital asset gift will be taxable in the hands of the recipient.

It is also specified that any losses on the same shall not be written off against any other income, with no deduction provision allowed except as for the cost of acquisition.

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