Guide to Crypto tax in India 2022

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Crypto Tax Guide from one of our partners Binocs
Crypto Tax Guide from one of our partners Binocs

Dear Unocoin Users,

In the Budget 2022, Hon’ble Finance Minister Ms Nirmala Sitharaman announced revolutionary changes in the virtual asset class. For the first time, the government has officially called digital assets, including crypto assets, “virtual digital assets”. These include all cryptocurrencies such as bitcoin, ethereum, etc. and other digital assets such as non-fungible tokens (NFTs).

We are pleased to publish a Crypto Tax Guide released by one of our partners Binocs. We hope this will help Unocoin customers and Indian crypto enthusiasts at large with the understanding of taxes and filing their returns.

Binocs-tax-guide-in

Download the tax guide here.

While there are still many discussions that the Government of India is yet to have with the Indian masses regarding the regulations they will set for “Virtual Digital Assets”; according to the 2022 Budget session, these are indicators that every crypto investor should keep in mind:

  • India’s finance minister has announced that all cryptocurrencies, including NFTs are classified as virtual digital assets and taxed as income.
  • Profit from the transfer of any virtual digital asset is taxed at a rate of 30%.
  • Cryptocurrency earnings are only considered income in India. There is no opportunity to treat cryptocurrency as a capital asset.
  • The preferential tax on long-term versus short-term gains is not an option.
  • No deduction will be allowed when reporting income from the transfer of digital assets other than the acquisition cost.

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer: Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).