ArticlesFinance Bill Passes for Taxation of Cryptocurrency Effective April 1

Finance Bill Passes for Taxation of Cryptocurrency Effective April 1

Finance Bill in the Lok Sabha, the tax on cryptocurrency will come into effect from April 1.

New Delhi: The Finance Bill in the Lok Sabha, Finance Minister Nirmala Sitharaman said that the union government has not raised taxes like other countries to recover the economy from post-Corona impacts.

She said that big corporations have benefited from the tax cuts, adding that the number of taxpayers has risen by 9 points to 1 crore from 5 crore in 2014. She said the number of taxpayers has increased from 5 crore in 2014 to 9.1 crore now.

She said she was consulting on the extent to which cryptocurrency could be taxed or banned altogether, adding that cryptocurrencies would be taxed as already announced until a final decision was made.

Following the passage of the Finance Bill in the Lok Sabha, the tax on cryptocurrency will come into effect from April 1.

Following that, the finance bill was passed by voice vote. Thus, the practice of levying 30 per cent tax on income earned on cryptocurrency transactions will come into effect from the first day.

To Get Latest Breaking News Headlines Keep Follow us on social media to get instant news and share your thoughts.

Like @imaphsy on Facebook, @imaphsy on Twitter and https://t.me/imaphsynews on Telegram.

Subscribe to Get News on Your Email Inbox

To be updated with all the latest breaking news on your email

Covid India Active Cases

India
17,039
Total active cases
Updated on May 26, 2022 2:21 am

Trending Stories

‘The TATAS’ Movie T-Series and Almighty Motion Picture will make biopic on Ratan Tata...

Ratan Tata , India's industrialist and former chairman of the Tata Group, needs no introduction today. There has been talk of her becoming a...

Vismaya Husband Kiran Kumar has sentenced to 10 years rigorous imprisonment and fined Rs...

Kollam: Defendant Kiran Kumar was sentenced to 10 years rigorous imprisonment and fined Rs 12.5 lakh in the Vismaya case. The court sentenced him...

$800 billion fall in crypto market, Ethereum founder said – ‘Investors need to pay...

Gavin Wood, co-founder of Ethereum, the world's second largest cryptocurrency after bitcoin, has advised crypto investors to be more aware of the basis of...

Volodymyr Zelensky Willing to meet with Vladimir Putin to end the war

At the World Economic Forum in Davos, Ukrainian President Volodymyr Zelensky met with Russian President Vladimir Putin on Monday and announced his readiness to...

ICICI Bank raises Fixed Deposit interest rates for Senior Citizens

Following the decision of the Reserve Bank of India, they have started raising interest rates on fixed deposits known as Fixed Deposit. ICICI Bank...

Recently Popular

Sentence details for Yasin Malik announced today Shutdown in some places in J&K

Srinagar: Yasin Malik, the leader of the Jammu and Kashmir Liberation Front and a separatist leader,...

Infibeam President Auditor CA Srikanth Rajagopalan Killed by his Car Driver

Chennai: Srikanth Rajagopalan has a present President of Infibeam Avenues Limited also he had served...

Vijay Drives Rolls Royce with BEAST Movie Team Pooja Hegde, Nelson

The video of actor Thalapathy Vijay taking the Beast crew on a raid in his...

New feature is coming in WhatsApp, users will be able to share their profile with one button

WhatsApp Business account is specially made for companies, through which they can easily talk to...

CSK vs PBKS Playing 11 IPL 2022 April 3 Match Prediction Chennai or Punjab who will Win?

Chennai vs Punjab Prediction April 3 Match 2022: In the 11th match of IPL 2022, Chennai...

What is Passwordless Sign-in Apple, Google and Microsoft’s new technology that says no password is required

No need to memorize different passwords anymore; No worries about being hacked. New technology coming...