Cryptocurrencies Are Finally Legalized in India; Indian Government to Levy 30% Tax in Income from Virtual Digital Assets

Cryptocurrencies are now openly legalized by the Indian Government since the Budget announced on today. India’s Finance Minister Nirmala Sitharaman, in the budget speech 2022 said that income from the sale of virtual assets will be taxed at a fixed rate of 30%, with no deductions allowed.

She also recommended a 1% TDS (tax deducted at source) on transactions in such asset classes beyond a specified level to bring such assets into the tax net.