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          <h1>New Tax Rules: 30% Tax on Virtual Digital Assets & Specified Income for Institutions Under Sections 115BBH & 115BBI</h1> Sections 115BBH and 115BBI are introduced in the Income-tax Act, effective April 1, 2023, addressing taxation on virtual digital assets and specified income for certain institutions. Section 115BBH imposes a 30% tax on income from the transfer of virtual digital assets, disallowing deductions or loss offsets. Section 115BBI applies a similar tax rate to specified income of certain funds, trusts, educational, and medical institutions, prohibiting deductions or loss offsets. Specified income includes excess accumulations, deemed income, and income not exempt due to statutory violations. These provisions apply from the assessment year 2023-2024 onwards.

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