Friday, 24 March, 2023
Taxation of virtual digital assets set to begin on April 1st
<p>The planned tax on virtual digital assets (VDAs) or "crypto tax" in the Union Budget 2022-23 is poised to take effect on April 1, after the Lok Sabha cleared the Finance Bill 2022. The Lok Sabha also passed amendments to the Finance Bill, 2022, that clarified the taxation of VDAs. The Bill's section 115BBH deals with taxes on virtual digital assets. Clause (2)(b) prohibits losses on crypto asset trading from being deducted from income under "any other provision" of the IT Act.<br /> </p>
Read full story at Times of India
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