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On 1 February 2023, the Finance Bill 2023 was introduced in the Lok Sabha, the lower house of India's Parliament. In particular, the Bill outlines increased penalties for non-compliance with taxation requirements for virtual assets. The cryptocurrencies and non-fungible tokens are classified as virtual digital assets and are subject to an income tax of 30%, and a one-per-cent tax-deducted-at-source requirement on all transactions involving virtual digital assets has been in effect since July 2022. The Finance Bill 2023 includes a provision where non-compliance with the tax reporting requirements will result in a possible fine or imprisonment.
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