Budget 2022: Cryptocurrency will be taxed at 30%

Finance Minister Nirmala Sitharaman presented the country's general budget for the financial year 2022-23. This was the shortest budget of FM Nirmala Sitharaman so far. But even in this short speech, an announcement of the Finance Minister is quite elongated.

The Finance Minister has announced a 30% tax on cryptocurrencies. Apart from this, RBI will also issue its own digital currency which will be based on blockchain technology.

The government has proposed that any cryptocurrency trading will be taxed at 30%. As announced by the Finance Minister in the General Budget 2022, no deduction will be allowed except for the cost of acquisition. The Finance Minister said that TDS will be levied on crypto payments at the rate of 1% on transactions above a certain limit. Apart from this, those who acquire crypto will also be taxed.