IndiaFinance 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.

Related Stories