Revenue Secretary Tarun Bajaj said on Wednesday that income tax return forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes, according to a PTI report.
The government will from April 1 charge a 30 per cent tax plus cess and surcharges, on any income from transfer of any virtual digital asset. Gift of virtual digital asset will also be taxed in the hands of the recipient.
Loss from transfer of virtual digital asset cannot be set off against any other income. To capture the transaction details, Tax Deducted at Source (TDS) will be provided on payment made in relation to transfer of virtual digital asset at the rate of 1 per cent.
