He said that the Reserve Bank of India (RBI) and the Central Government cryptocurrencies They have not been given any kind of recognition and because of this they are not legal in the country yet. Karad said that nothing can be said about whether cryptocurrencies will be given legal status. Last week, Congress MP Chhaya Verma had asked questions regarding cryptocurrencies. In response, Karad gave this information. “Some people have invested in cryptocurrencies. Because of this, the Union Budget has imposed a tax of 30 per cent on cryptocurrencies related transactions,” he said.
Asked whether fuel prices would increase after the assembly elections in Uttar Pradesh, Karad said the central government had cut petrol and diesel prices. After this, the states under the BJP government have also reduced the tax on their part, but many states have not done so. He told that the price of petrol in Maharashtra under Maha Vikas Aghadi government is more than in Madhya Pradesh under BJP government.
In the budget, for virtual currencies, 1 percent TDS on payments of more than Rs 10,000 in a year and the recipient of such gift tax was proposed to be installed. The limit for TDS will be up to Rs 50,000 in a year for people falling in the special category. These include individuals/Hindu Undivided Families (HUFs) who will have to get their accounts audited under the Income Tax Act. No deduction of expenditure or allowance shall be allowed for computing the income from transactions in such assets. It has also been clarified that the loss arising from transfer of Virtual Digital Assets will not be allowed to be set off against any other income.
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