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of <h1>Virtual Digital Asset Income Taxed at Flat 30% Rate Under Section 115BBH with No Loss Deductions Allowed</h1> Section 115BBH of the Income Tax Act, 1961 establishes a flat 30% tax rate on income from virtual digital asset transfers. The provision prohibits deductions for any expenditure except acquisition cost, disallows set-off of losses against other income, and prevents carry-forward of losses to subsequent years. Tax liability is calculated separately for virtual digital asset income at 30% plus normal tax on remaining income. The section applies to all virtual digital asset transfers regardless of whether they constitute capital assets, with 'transfer' defined as per existing provisions of the Act.
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