In the budget session of 2022-2023, there was an announcement related to taxation and tracking of virtual digital assets. A colleague asked me what virtual digital assets means and what the tax rate is. I did my research on the same and explained it to him in detail. Perhaps I can summarize it for you here.
What is Virtual Digital Asset?Under Section 2, clause 47A of the Income Tax Act, virtual digital assets are defined as information, code, number or taken generated via cryptographic means or otherwise. These assets can be stored, transferred and traded.
Are NFTs included in virtual digital assets?Yes, Non-fungible tokens or NFTs are also under the ambit of virtual digital assets.
The Finance Minister proposed that all the virtual digital assets be taxed at a flat 30% rate.
I hope I have clarified now what virtual digital assets means and tax rate applicable on them.
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Authors Of The Question
What is virtual digital asset?
Farhan
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2 Year
2022-05-10T13:15:57+00:00 2022-05-11T05:43:19+00:00Comment
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