Editorial
Indian Budget 2022: A Make-or-Break Moment for Cryptocurrency
@ARTICLE{10.4108/eetiot.4540, author={Preethi Nanjundan and Blesson Varghese James and Jossy P George and Dilpreet Kaur Kukreja and Yugjeet Singh Goyal}, title={Indian Budget 2022: A Make-or-Break Moment for Cryptocurrency}, journal={EAI Endorsed Transactions on Internet of Things}, volume={10}, number={1}, publisher={EAI}, journal_a={IOT}, year={2023}, month={12}, keywords={Crytpocurrency, Digital Economy, Digital Currency, Tax, Indian Budget 2022, Digital Leaders, Indian Government}, doi={10.4108/eetiot.4540} }- Preethi Nanjundan
Blesson Varghese James
Jossy P George
Dilpreet Kaur Kukreja
Yugjeet Singh Goyal
Year: 2023
Indian Budget 2022: A Make-or-Break Moment for Cryptocurrency
IOT
EAI
DOI: 10.4108/eetiot.4540
Abstract
People are liable to the tax rate if they transfer digital assets during a specific fiscal year. There is no distinction between income from businesses and investments or between short-term and long-term gains because the 30% tax rate is applicable regardless of the sort of income. By clearly stating how it would be charged, the Indian budget 2022 has provided some direction. Losses were consequently experienced by both new and old cryptocurrency buyers. Under Section 115 BBH, it is illegal to offset cryptocurrency losses with cryptocurrency gains—or any other gains or revenue, for that matter. The implementation of the 30% tax rule on digital assets has caused the collapse of the cryptocurrency market, and there is a possibility that investors will continue to suffer losses in the future.
Copyright © 2023 P. Nanjundan et al., licensed to EAI. This is an open access article distributed under the terms of the CC BY-NCSA 4.0, which permits copying, redistributing, remixing, transformation, and building upon the material in any medium so long as the original work is properly cited.
