Tax on virtual digital assets: a dedicated levy with denial of routine deductions and new withholding obligations.

The Bill introduces a new targeted tax on transfers of virtual digital assets with a special computation rule disallowing most deductions and loss set offs, and imposes withholding and collection obligations for such transactions; it simultaneously tightens exemption, accumulation and compliance rules for charitable and religious trusts including new events of specified violation, mandatory filings, record keeping and procedures for withdrawal of approval or cancellation of registration, and establishes expanded faceless assessment, updated return mechanisms and enhanced timelines and powers for search, assessment and transfer pricing administration.

---

---

---