Union Budget 2023 India Expectation Live Updates: Crypto Community Asks For Reduction In Tax

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Union Budget 2023 India Expectation Live Updates: Finance Minister Nirmala Sitaraman will be presenting the Union Budget 2023 on February 1. Last year when the budget came, probably no one expected a hefty tax of 30% on all income from cryptocurrencies. Last year, the Finance Minister further declared that losses from one cryptocurrency asset cannot be compensated by gains from another cryptocurrency asset. A high TDS rate of 1% was also imposed and was applicable from July. A study showed that over 32,000 crore worth of crypto trading had shifted to foreign exchanges from domestic ones between the month of July to October 2022, probably as a result of high TDS. The crypto community is expecting reforms in these areas by the FM. The taxation on VDAs is also expected to get some clarity.

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