Union Budget 2023 India Expectation Highlights: Crypto Community Asks For Reduction In Tax

Union Budget 2023 India Expectation Highlights: Finance Minister Nirmala Sitaraman will be presenting the Union Budget 2023 on February 1. Last year when the budget came, probably no one expected a hefty tax of 30% on all income from cryptocurrencies. Last year, the Finance Minister further declared that losses from one cryptocurrency asset cannot be compensated by gains from another cryptocurrency asset. A high TDS rate of 1% was also imposed and was applicable from July. A study showed that over 32,000 crore worth of crypto trading had shifted to foreign exchanges from domestic ones between July to October 2022, probably as a result of high TDS. The crypto community is expecting reforms in these areas by the FM. The taxation on VDAs is also expected to get some clarity.

Union Budgets 2023 Expectation Highlights