Union Budget 2022: 30% tax on income earned by Digital Assets

Union Finance Minister Nirmala Sitharaman declared a 30% tax on income derived from the transfer of virtual digital assets, which was interpreted as an attempt to regulate cryptocurrency. She emphasised the quantity and frequency of these transactions when explaining the rationale for this move. Furthermore, Sitharaman stated that the gifting of virtual digital assets will be taxed as well. While she hasn't stated what will be included in the virtual digital assets umbrella, cryptocurrencies might be one of them.