India: Expansion of income tax to virtual digital assets in Finance Act 2022
Progress
Scope
Timeline of events
Implemented Finance Bill 2022 including expansion of income tax to virtual digital assets
On 1 April 2022, the provisions making the income from trading virtual digital assets subject to an income tax of 30% outlined in the Finance Bill 2022 are implemented. The Bill specifies that cryptocurrencies and non-fungible tokens are classified …
SourceAdopted Finance Bill 2022 including expansion of income tax to virtual digital assets
On 29 March 2022, the Finance Bill 2022, which includes an expansion of income tax to include virtual digital assets, was adopted by the Rajya Sabha, the Upper House of the Parliament of India. Under the Bill, virtual digital assets are defined to i…
SourcePassed Finance Bill 2022 including expansion of income tax to virtual digital assets by Lok Sabha
On 25 March 2022, the Finance Bill, 2022, which includes an expansion of income tax to include virtual digital assets, has been passed by the Lok Sabha, the lower house of the Indian Parliament. The Bill will be sent to the Rajya Sabha, the Upper Ho…
SourceIntroduced Finance Bill 2022 including expansion of income tax to virtual digital assets
On 1 February 2022, the Finance Bill 2022, which includes an expansion of income tax to include virtual digital assets, was introduced in the Lok Sabha, the lower house of the Indian Parliament. Under the Bill, virtual digital assets are defined to …
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