indian digital currency image

India’s Finance Minister Nirmala Sitharaman clarified taxation on digital currency and other assets in the proposed general budget speech in Parliament on Tuesday. She proposed to levy 30 percent tax on transactions in digital assets.

Also, in order to bring digital assets under the tax net, the Finance Minister has also proposed a provision to levy TDS (Tax Deduction at Source) at one percent separately on this property in excess of a limit i.e. more than 10000 transactions.

Experts have said that levying 30 percent tax on the income received from transactions of digital currency is equal to the tax rate levied on the amount earned from online game lotteries. Now the question arises whether 30 percent tax should be imposed on digital currency. If it has become legal in India, then the answer is no.

Finance Minister Nirmala Sitharaman has said that digital currency is being considered as an income source and is imposing 30 percent tax on this earnings, only digital currency issued by RBI in India will be considered valid, other than this, no cryptocurrency will be legal, although people are on it. Can invest.

Will bitcoin be considered a digital asset?

Finance Minister Nirmala Sitharaman has said that any currency will be called currency when it is issued by the Central Bank RBI, even if it is crypto Will be considered assets, which were created by some people, which people colloquially call bitcoin, if profits are being made anywhere in the transaction of this bitcoin, digital assets, then we are taxing 30 percent on that profit.

Some experts have said that by imposing 30 percent tax on crypto currency transactions, 100 million people have got a guarantee, their investment of 70000 crores has been saved from sinking. Will be willing to invest even more in this will increase the price of bitcoin and boom in the crypto market.

So far, the system of taxing cryptocurrencies has been imposed by the governments of America, Britain, Italy, Netherlands, people of all these countries invest in cryptocurrencies after seeing the tax in crypto, some countries are in exception like crypto currency is completely banned in Australia.

Coming to India digital currency

Finance Minister Nirmala Sitharaman has made it clear in her speech on Tuesday that India’s digital currency will come in the next financial year by the RBI and the digital currency issued by the Reserve Bank will be replaced with physical currency, the Finance Minister said in the budget speech. It is believed that the introduction of CBDC will give a big boost to the digital economy. Digital currency will lead to a more efficient and cheaper currency management system.

indian digital currency (expectation)

Will use block chain and other technology to make India’s digital currency cryptocurrency Due to the kind of craze that is being seen about it, some experts say that the Reserve Bank will soon launch a digital currency and will come by 2023.

Digital currency can be converted into cash

Prime Minister Modi has said that the digital currency proposed in the general budget, which will be brought by the Reserve Bank in the next financial year, can be converted into cash. economy will get

Digital Rupee will be the digital form of the physical currency currently running, to say it in simple language, which RBI prints the paper currency, which you keep the rupee in the form of a note, in the same way you keep the digital currency issued by the Reserve Bank online. And with this you will be able to get the exchanger converted into cash (CAS).


Post a Comment


Popular Posts