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of <h1>New Tax Rules: 30% Tax on Virtual Digital Assets and Specified Income for Institutions Under Sections 115BBH and 115BBI</h1> Sections 115BBH and 115BBI were added to the Income-tax Act by the Finance Act, 2022, effective April 1, 2023. Section 115BBH imposes a 30% tax on income from transferring virtual digital assets, disallowing deductions or loss offsets except for acquisition costs, and prohibits carrying forward losses. Section 115BBI taxes specified income of certain institutions at 30%, disallowing deductions or loss offsets. 'Specified income' includes income exceeding allowable accumulation, deemed income, and income not exempt due to specific violations. These provisions apply to various funds, trusts, educational, and medical institutions.
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