Crypto Alert India

02/02/2022

https://youtu.be/AKo7uwF7M94

Website = https://www.cryptoalertindia.com/Twitter = = = cryptoalertindiaScheme for taxation of Virtual D...

01/02/2022

Scheme for taxation of virtual digital assets
Virtual digital assets have gained tremendous popularity in recent times and the
volumes of trading in such digital assets has increased substantially. Further, a market
is emerging where payment for the transfer of a virtual digital asset can be made
through another such asset. Accordingly a new scheme to provide for taxation of such
virtual digital assets has been proposed in the Bill.
2. The proposed section 115BBH seeks to provide that where the total income of
an assessee includes any income from transfer of any virtual digital asset, the incometax payable shall be the aggregate of the amount of income-tax calculated on income
of transfer of any virtual digital asset at the rate of 30% and the amount of income-tax
with which the assessee would have been chargeable had the total income of the
assessee been reduced by the aggregate of the income from transfer of virtual digital
asset.
2.1 However, no deduction in respect of any expenditure (other than cost of
acquisition) or allowance or set off of any loss shall be allowed to the assessee under
any provision of the Act while computing income from transfer of such asset.
2.2 Further, no set off of any loss arising from transfer of virtual digital asset shall
be allowed against any income computed under any other provision of the Act and
such loss shall not be allowed to be carried forward to subsequent assessment years.
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2.3 This amendment will take effect from 1
st April, 2023 and will accordingly apply
in relation to the assessment year 2023-24 and subsequent assessment years.

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23/01/2022

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