Meanwhile, the government has also announced that any income from transfer of digital assets will be taxed at 30 per cent rate, The Indian Express reports. Further, loss from transfer of virtual digital asset cannot be set off against any other income,” Sitharaman said. Gifting of virtual digital asset is also proposed to be taxed in the hands of the recipient. “Digital currency will also lead to a more efficient and cheaper currency management system. The central bank digital currency (CBDC) is a digital form of fiat currency which can be transacted using wallets backed by blockchain and is regulated by the central bank.

Source: bd News24 February 01, 2022 10:09 UTC