Must read this before you invest in Cryptocurrencies and NFTs after 1st April'22 in India 

Honorable Govt. of India has confirmed in its FY'2022-23 budget to levy tax on income from digital assets.

Now any income from sale of Cryptos/NFTs or any digital assets will attract a TAX of 30% after 1st Apr'22.

A TDS of 1% will also be levied on such transactions where the transaction amount is above Rs. 10000/-

The TDS can be claimed back by filing the ITR at the year closing, if  losses are incurred by the sale of such assets.

The tax will only be levied on the profits and not on the losses incurred from sale of digital assets.

The losses incurred on the sale of such assets cannot be set off from the profits made from other sources while filing ITR.

The losses incurred on the sale of such assets cannot be set off from the profits made from other sources while filing ITR.

The levy of TDS on digital asset transactions will be in effect from 1st July’22 as per news sources.

The smaller trades in cryptocurrencies will also be taxed if the cumulative value of such trades exceed Rs. 50000/- in a given financial year.

Read here in detail to confirm whether your crypto or NFT income will be taxed or not?