https://www.taxtmi.com/article/detailed?id=10241 A distinct tax regime is proposed whereby income from transfer of virtual digital assets is taxed at a specified flat rate under section 115BBH with only cost of acquisition allowed as deduction; losses cannot be set off or carried forward. Section 2(47A) defines virtual digital assets to include tokens and NFTs. Section 194S mandates withholding tax on payments for transfer of virtual digital assets, addresses in kind consideration and deeming credits to suspense accounts as payments, and amendment to section 56(2)(x) includes virtual digital assets within the definition of property for gift taxation. en-us Thu, 03 Feb 2022 07:51:23 +0530 Thu, 03 Feb 2022 07:51:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=10241 A distinct tax regime is proposed whereby income from transfer of virtual digital assets is taxed at a specified flat rate under section 115BBH with only cost of acquisition allowed as deduction; losses cannot be set off or carried forward. Section 2(47A) defines virtual digital assets to include tokens and NFTs. Section 194S mandates withholding tax on payments for transfer of virtual digital assets, addresses in kind consideration and deeming credits to suspense accounts as payments, and amendment to section 56(2)(x) includes virtual digital assets within the definition of property for gift taxation. Articles Budget - Tax Proposals Thu, 03 Feb 2022 07:51:23 +0530 https://www.taxtmi.com/article/detailed?id=10241