A petition to reduce the proposed 30% crypto tax in the Budget and implement'more reasonable crypto policies' in the country has gathered a lot of traction, with over 30,000 signatures at the time of reporting.
FM Nirmala Sitharaman proposed a 30% tax on income from digital assets such as cryptos and NFTs during her Budget speech. This is by far the most expensive tax bracket in the country. Many demands are made in the petition, including a lower tax band for crypto assets in accordance with sections 111A and 112A of the Income Tax Act of 1961. Many Indian startup founders have applauded the tax, hailing it as a step toward establishing a legal framework for the cryptocurrency industry. However, the Madras High Court has already established a precedent for tax collection from illegal sources.