Union Budget 2022: 30% Tax On Virtual/Digital Asset Revenues

In her Budget address, Union Finance Minister Nirmala Sitharaman said that all revenue from virtual or digital assets will be taxed at 30%. The receiver will be taxed if they receive virtual assets as a gift. Gifts of virtual assets will be taxed at the receiver's end, according to the Finance Minister.

FM Sitaraman stated, "I suggest that all revenue derived from the transfer of any virtual digital asset be taxed at a rate of 30%." "With the exception of cost of purchase, no deduction in respect of any expenditure or allowance shall be permitted in computing such income."

She also stated that the Digital Rupe will be issued with the help of blockchain and other technology. Starting in 2022-23, the RBI will issue it. The economy will benefit greatly as a result of this.