Mumbai, February 3:슬롯 머신 사이트 추천Union Budget 2025-26 offered슬롯 머신 사이트 추천tax relief to people with an income of up to INR 12 lakh; however, it did not do슬롯 머신 사이트 추천the same for슬롯 머신 사이트 추천the income from crypto trading. The crypto investors were hoping to슬롯 머신 사이트 추천get some relief from슬롯 머신 사이트 추천the budget announcement by India's Finance Minister Nirmala Sitharaman; however, the taxation policies on VDAs (Virtual Digital Assets)슬롯 머신 사이트 추천remained the same, with슬롯 머신 사이트 추천huge taxes and penalties.

Besides슬롯 머신 사이트 추천continuing the same polices, FM Nirmala Sitharaman proposed adding a new section in the Income-Tax Act 1991. In India, Bitcoin, Ethereum and other cryptocurrency have become more than just digital assets. The crypto market has become a trading opportunity for the Indian investors that offer higher value and gains amid the global market fluctuations.슬롯 머신 사이트 추천Government Likely To Unveil Draft of New Income Tax Bill on February 6.

Union Budget 2025 on Crypto Tax Relief: How Much Tax on Cryptocurrency?

Investors in popular crypto assets슬롯 머신 사이트 추천are compelled to pay a 30% flat tax슬롯 머신 사이트 추천on the transfer of VDAs with applicable surcharges and 1% TDS on the transactions as per슬롯 머신 사이트 추천The Financial Act 2022 framework. This슬롯 머신 사이트 추천continuation of the policies슬롯 머신 사이트 추천will슬롯 머신 사이트 추천discourage crypto investors as it creates liquidity issues. The Union Budget 2025 슬롯 머신 사이트 추천broadened the definition of virtual digital assets and슬롯 머신 사이트 추천stated슬롯 머신 사이트 추천that any such슬롯 머신 사이트 추천crypto asset슬롯 머신 사이트 추천had digital value that relied on the슬롯 머신 사이트 추천secure ledger or other technology that validated the transactions.

The슬롯 머신 사이트 추천salaried individuals will have to pay 1% TDS on the VDA transfer when슬롯 머신 사이트 추천the amount exceeds 10,000. For business people, that슬롯 머신 사이트 추천limit exceeds to 50,000. The individual dealing in more than two cryptocurrencies will have to submit a 30%슬롯 머신 사이트 추천tax on the sale of슬롯 머신 사이트 추천each asset. This means that if investors cannot adjust the losses of one슬롯 머신 사이트 추천cryptocurrency, such as Bitcoin, to the sale of another, like Ethereum, If any individual incurred a loss from Bitcoin sale against the listed shares, he would have to pay 12.5% taxes on the shares as capital gains in the long term.

Crypto슬롯 머신 사이트 추천traders must슬롯 머신 사이트 추천report their earnings from VDAs in Schedule VDA in the슬롯 머신 사이트 추천applicable ITR. They will have to disclose the details by adding the acquisition date, transfer date, acquisition cost and슬롯 머신 사이트 추천received consideration. If one fails to report the VDA income, they will슬롯 머신 사이트 추천be liable to pay penalties and interest implications on the unpaid taxes. The슬롯 머신 사이트 추천unreported cryptocurrency gains could face an income tax raid, and the tax authorities may슬롯 머신 사이트 추천impose a 60% tax and a 50% penalty on the tax amount.

Union Budget 2025 Cryptocurrency Tax Reform, New Compliances

Finance슬롯 머신 사이트 추천Minister Nirmala Sitharaman proposed슬롯 머신 사이트 추천adding Section 285BAA to슬롯 머신 사이트 추천the Income Tax Act of 1961. It will make it mandatory to furnish transaction details. She further said that the VDAs or virtual digital assets슬롯 머신 사이트 추천should be included in the 'undisclosed income' of the block period, such as슬롯 머신 사이트 추천income from gambling and horse racing.슬롯 머신 사이트 추천Finance Minister Nirmala Sitharaman Announces National Manufacturing Mission To Boost 슬롯사이트˜Make in India슬롯사이트� Initiative Across Industries in Union Budget 2025-26.

The block assessment period슬롯 머신 사이트 추천completion슬롯 머신 사이트 추천is슬롯 머신 사이트 추천proposed to be 12 months슬롯 머신 사이트 추천from the end of the quarter when the last authorisation or requisition was added. The Indian government슬롯 머신 사이트 추천expanded the definition of virtual digital assets in Section 2 (47a), stating, "Crypto-assets that rely on cryptographic security and distributed ledger technology".슬롯 머신 사이트 추천So, the VDAs are classified as 'undisclosed income' under the Income Tax Act of 1961.

(The above story first appeared on LatestLY on Feb 03, 2025 01:51 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).