Budget 2022 taxes on cryptocurrency

As per budget 2022 taxes on cryptocurrency will be levied at the rate of 30 percent, according to the Finance Ministry. It also said that the levy would go down by 1.5 percent by 2026 when the tax regime on currencies comes into force. All taxes levied on currency will now be collected in India. This is the first time that tax on cryptocurrencies will be levied in India.

High Taxes On Crypto Proposed in Budget As the country looks to curb corruption, tax officials have begun cracking down on tax evasion and money laundering. With the government's decision to levy taxes on cryptocurrency, these crimes are likely to intensify. Cryptocurrency is a digital currency that allows the owner to send and receive money in an encrypted form.