Crypto tax doesn’t bestow legality to trade, says I-T Dept

New delhi (TIP)-The Budget announcement of taxing ‘virtual digital assets’ or crypto currencies will help the Income-Tax Department measure the “depth” of this trade in the country, know the investors and the nature of their investments and it does not “attach any legality” to these transactions, CBDT Chairman JB Mohapatra said.

The head of the I-T department establishment in the country said this is “the right time” for the taxman to enter this arena, about which, Finance Minister Nirmala Sitharaman has said the government was undertaking a stakeholders’ consultation to frame a national policy and regulator in the coming days.

Stating that there has been a “phenomenal increase” in transactions in virtual digital assets, Finance Minister announced in the Budget that any income from transfer of any virtual digital asset shall be taxed at the rate of 30% along with tax deduction at source.

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