During the union budget speech, the finance minister noted the increase in virtual digital assets and subsequent transactions. Given the information and news on virtual digital assets, budget 2022 India states:
30% tax on income from the transfer of a virtual digital asset, which includes cryptocurrencies and non-fungible tokens
Losses from the transfer of digital assets cannot be offset against other income
Individuals cannot claim any deductions while computing their income tax, except for the cost of acquisition
TDS of 1% on payments made for the transfer of assets