Proposal for crypto tax policy to go in Indian parliament on March 24

India's finance minister in February. the amendment to existing laws proposed a 30% tax targeting digital asset transactions. 

Proposal for crypto tax policy to go in Indian parliament on March 24

Tax proposal on crypto from India's finance Minister Nirmala Sitharaman might be becoming law as the country's lower house of parliament is scheduled to consider the crypto law on Thursday.

Sitharaman will be declared on Wednesday finance bills for 2022 to the Lok Sabha the lower house of parliament, The Finance Bill includes an amendment to the country's income tax laws identifying "virtual digital assets" including cryptocurrencies and nonfungible tokens as taxable investments. 

The amendment to India's existing laws proposed a 30% tax targeting digital asset transactions. also, losses charges from crypto trading would most likely be ineligible for offsetting taxes from any profits. no deductions would be allowed while calculating income "except the cost of acquisition."

Under the tax calculation, traders would likely have to pay 30% taxes on gains from cryptocurrencies including Bitcoin (BTC), and Ether (ETH) but not account for losses should the price of the coins fail. 

The crypto tax policy is a law substitute for a previously proposed bill that would have banned "private cryptocurrencies" in India. According to Lok Sabha's recently published list of businesses, India's parliament is not scheduled to hear a discussion on the crypto bill during its budget session ends on April 8

India has not established a concrete regulatory framework for digital assets the country's supreme court decision in 2020 lifted a ban from the Reserve Bank of India on Banks' dealing with crypto businesses. The tax proposal under consideration seems to be the closest crypto market have been to gain some sort of legal status in India.

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