Tax on virtual digital assets: transfers taxed at a flat rate with no deductions; similar treatment for specified institutional income. Section 115BBH prescribes an aggregate tax: a fixed-rate tax on income from transfer of virtual digital assets plus tax on remaining income after ... Summary
Tax on virtual digital assets: transfers taxed at a flat rate with no deductions; similar treatment for specified institutional income.
Section 115BBH prescribes an aggregate tax: a fixed-rate tax on income from transfer of virtual digital assets plus tax on remaining income after excluding that transfer income, and disallows deductions (except cost of acquisition), set-off of losses and carry forward for such transfer losses. Section 115BBI applies a parallel aggregate tax to defined "specified income" of certain institutions, disallowing deductions, allowances and set-off of losses; specified income is defined to include excess accumulations, deemed incomes and incomes excluded from exemption under charitable provisions.
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