9911796707
TMI BlogScheme for taxation of virtual digital assetsX X X X Extracts X X X X X X X X Extracts X X X X ..... y virtual digital asset, the incometax payable shall be the aggregate of the amount of income-tax calculated on income of transfer of any virtual digital asset at the rate of 30% and the amount of income-tax with which the assessee would have been chargeable had the total income of the assessee been reduced by the aggregate of the income from transfer of virtual digital asset. 2.1 However, no deduction in respect of any expenditure (other than cost of acquisition) or allowance or set off of any loss shall be allowed to the assessee under any provision of the Act while computing income from transfer of such asset. 2.2 Further, no set off of any loss arising from transfer of virtual digital asset shall be allowed against any income comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 194S, then no tax is to be collected or deducted in respect of the said transaction under any other provision of Chapter XVII of the Act. 3.3 Furthermore, in any sum paid for transfer of virtual digital asset is credited to any account, whether called Suspense Account or by any other name, in the books of account of the person liable to pay such sum, such credit of the sum shall be deemed to be the credit of such sum to the account of the payee and the provisions of section 194S shall apply accordingly. 3.4 It is proposed to empower the Board to issue guidelines, with the prior approval of the Central Government, to remove any difficulty arising in giving effect to the provisions of the said section and every such guideline issu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... include virtual digital asset. 4.1 This amendment will take effect from 1st April, 2023 and will accordingly apply in relation to the assessment year 2023-24 and subsequent assessment years. 5. To define the term virtual digital asset , a new clause (47A) is proposed to be inserted to section 2 of the Act. As per the proposed new clause, a virtual digital asset is proposed to mean any information or code or number or token (not being Indian currency or any foreign currency), generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value which is exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of val ..... X X X X Extracts X X X X X X X X Extracts X X X X
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