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Despite of criticism, Parliment approves “Crypto Tax” law

Parliament has approved amendments to the recently passed Finance Bill, 2022. These include the removal of the word "other" from a section about offsetting losses from cryptocurrency gains.

The amendments also sought to add a new section proposing the taxation of virtual digital assets. Furthermore, no deduction for any expenditure other than the cost of acquisition will now be allowed when calculating the income from the transfer of these Virtual Digital Assets (VDAs). During the debate, a BJP MP claimed that cryptocurrency was being used to pay bribes and launder money. Critics have slammed the move, calling it 'regressive.'

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