The Regulators and the Governments across the globe are consistently trying to get hold of the latest developments in the Crypto World. One of the ways is to include the Crypto Transactions under the ambit of Tax.
While a few of the countries have given Crypto Currencies the status of a Legal Tender, a few others accepted the same as an Asset. But, there are different opinions about the taxation of the same across the boundaries
India is no different a case. While the Government has neither accepted nor banned the Crypto Currencies, but the Finance Act 2022 has come up with its own interpretation to Tax the earnings out of Crypto Currencies.
The Finance Act 2022 has inserted a new section for the taxation of Crypto assets and Non fungible tokens. The Act accepted Crypto Currencies under the definition of Virtual Digital Asset.
Definition of Virtual Digital Asset in India
According to Section 2(47A) of the Income tax Act virtual digital asset” means:
(a) any information or code or number or token (not being Indian currency or any foreign currency), generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of value or a unit of account including its use in any financial transaction or investment, but not limited to investment scheme and can be transferred, stored or traded electronically; (b) a non-fungible token or any other token of similar nature by whatever name called; (c) any other digital asset as may be notified by the Central Government in the Official Gazette in this behalf.
It is further proposed to provide that the Central Government may, by notification in the Official Gazette, exclude any digital asset from the definition of virtual digital asset subject to such conditions as may be specified therein.
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