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As per the Union Budget 2022, how many percent tax will be levied on income from transfer of digital assets (Cryptocurrency) or any virtual/cryptocurrency asset?
Correct Answer: C — 30 per cent
Explanation:
The correct answer is C: 30 per cent.
As per Union Budget 2022, income from the transfer of any virtual/digital asset will be taxed at 30%. No deduction except the cost of acquisition will be allowed, and no loss from such a transaction can be carried forward. Additionally, TDS will be imposed on payments for the transfer of crypto assets at a rate of 1% for transactions above a certain threshold. India's first global cryptocurrency index, tracking the 15 most-traded cryptocurrencies, was launched by CryptoWire (a unit of TickerPlant).