Direct Tax Committee of The Institute of Chartered Accountants of India has published a ‘Handbook on Taxation of Virtual Digital Assets’ as a first edition in July, 2022.
The Virtual digital assets have gained tremendous popularity in recent times and the volumes of trading in such digital assets has increased substantially. In view of the trading volume of Virtual digital assets in India, Our Hon’ble Finance Minister Smt. Nirmala Sitharaman while presenting the Union Budget 2022, stated that magnitude and frequency of these transactions had made it imperative to provide for a specific tax regime and announced a scheme for taxation of virtual digital assets, such as cryptocurrencies and non-fungible tokens (NFTs).
In order to make available various aspects of law of taxation of Virtual Digital Assets and to provide guidance to the members, an effort has been made by the Direct Taxes Committee through this handbook. It covers the law and procedures relating to what is Virtual Digital Assets, how it’s different from digital currency, Legislative Intent and Legal Provisions and taxation provision of Virtual Digital Assets. This new publication would enable the members to better understand the aforesaid new provisions.
Download the ‘Handbook on Taxation of Virtual Digital Assets.
Share this content: