tax on cryptocurrency budget 2022

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cryptocurrency


  •  The budget has imposed a tax of 30% on profits from cryptocurrency.
  • It has also been decided to impose 1 face give TDS on cryptocurrency.

Cryptocurrency has appeared in the emerging market for a long time, it has seen a lot of boom in a very short time. This is a fictitious asset. A property that cannot be seen or touched can only be felt.

India has made a big announcement regarding cryptocurrency in Budget 2022, in which cryptocurrency has been legalized.

In this budget, the income from cryptocurrency will have to be taxed at the rate of 30%.

Earlier, there was no tax on cryptocurrencies. This is the reason why there was uncertainty about cryptocurrency whether a cryptocurrency will be banned in India or not.

If you make a profit from investing in Cryptocurrency then you have to pay 30% tax but if you lose then you will have to pay this tax not only in Cryptocurrency, but you will have to pay tax on all digital assets. 

Along with this, you will also have to pay a TDS of 1%.

With this decision of the Indian government, transparency will be maintained regarding investment in cryptocurrency.

Traders can now trade in cryptocurrencies without any fear as the budget has brought legal certainty to cryptocurrency trading.

In this budget, the Finance Minister has talked about the introduction of the country's first digital currency. The Finance Minister has said that digital currency will be introduced by the Central Bank of India i.e. Reserve Bank of India.

TDS of one percent has been imposed on cryptocurrency so that the transactions of cryptocurrency can be monitored.

Cryptocurrency monitoring will be done through TDS

Full form of TDS Tax Detected Source. This means TDS will be deducted only while transacting in cryptocurrency. If you have made a profit of ₹ 10000 from cryptocurrency, then 1% TDS will be deducted even before it reaches your bank account. 

With this, the government will know how many transactions you have done in cryptocurrency and how much tax you will have to pay.

This decision of the government on cryptocurrency has been progressive in this budget. The government is looking towards the future, the biggest example of the country is the introduction of digital currency in the country.

 The government has been contemplating introducing a bill to regulate digital currency and cryptocurrency in the country for a long time.

In the budget, the Finance Minister has said that cryptocurrency is not a currency unless it is issued by the central bank of the country.

Top 10 cryptocurrency in the world

1. Bitcoin (BTC)

Market cap: Over $730 billion

Its price went from about $500 to over $38000 increasing near 7600% from the year 2016 to 2022.

2. Ethereum (ETH)
Market cap: Over $327 billion

Its price went from about $11 to over $2700 increasing near 25000% from the year 2016 to 2022.

3. Tether (USDT)
Market cap: Over $78 billion

4. Binance Coin (BNB)
Market cap: Over $63 billion

Its price went from about $0.10 to over $377 increasing near 377000% from the year 2017 to 2022.

5. U.S. Dollar Coin (USDC)
Market cap: Over $50 billion

you can use USD Coin to complete global transactions.

6. Cardano (ADA)
Market cap: Over $35 billion

Its price went from about $0.02 to over $1.05 increasing near 5000% from the year 2017 to 2022.

7. Solana (SOL)
Market cap: Over $33.5 billion

Its price went from about $0.77 to over $100 increasing near 13000% from the year 2020 to 2022.

8. XRP (XRP)
Market cap: Over $29 billion

Its price went from about $0.006 to over $0.62 increasing near 10000% from the year 2017 to 2022.

9. Terra (LUNA)
Market cap: Over $21 billion

Its price went from about $0.60 to over $51 increasing near 8000% from the year 2021 to 2022.

10. Polkadot (DOT)
Market cap: Over $19 billion

Its price went from about $3 to over $19.50 increasing near 500% from the year 2017 to 2022.

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