Cryptocurrency Tax: From today cryptocurrencies have also come under the tax net and from Friday 30 percent tax will be imposed on it. The tax burden on those who have invested in crypto will increase with the new financial year. Because from today the income from transactions of cryptocurrencies will have to be taxed.
Along with the beginning of the new month, the new financial year has started from April 1, 2022. Along with this, many big and important changes are taking place. Cryptocurrencies have also come under the tax net from today and will be taxed at 30 percent from Friday.
Pay tax on earnings from cryptocurrencies
The tax burden on those who have invested in crypto will increase with the new financial year. Because from today the income from trading of cryptocurrencies will have to be taxed. Let us tell you that, during the Budget 2022, Union Finance Minister Nirmala Sitharaman had announced to levy tax up to 30 percent on earnings from cryptocurrencies or NFTs or other crypto assets.
On this announcement, the Central Board of Direct Taxes (CBDT) chairman had said that the announcement of bringing crypto currency or online digital assets under the tax net in the budget is for the Income Tax Department to find out the ‘depth’ of business of this currency in the country, investors And it will be helpful to know the nature of their investment. This move does not mean that transactions in cryptocurrencies will become legal.
Apart from tax on earnings from cryptocurrencies, many income tax proposals will also be implemented from today. The revised guidelines for levying one per cent TDS on sale of immovable property above Rs 50 lakh will also come into effect from April 1.
As per the amended rules, TDS of one per cent will be deducted on the return or stamp duty value, whichever is higher. Apart from this, income tax payers will have the option to amend their income tax returns in case of any default in the original ITR from the beginning of the next financial year. Taxpayers will be allowed to file such amended return only once in every financial year.