Govt to Move Amendments to Crypto Tax Rules Today

The government will on Friday move amendments to the Finance Bill, including an explicit clarification that the loss on the sales of one virtual digital asset will not be allowed to set off against a gain made on another. The provision is a setback for the crypto industry that was hoping for some relief from the amendments, after the government proposed a flat 30% tax on capital gains on virtual digital assets (VDAs). Another key amendment proposed is a provision to levy a penalty on taxpayer who have claimed a deduction of surcharge and cess from taxable income but do not on their own pay plus interest on the deduction so claimed.

Finance minister Nirmala Sitharaman will in all propose 39 changes to the Finance Bill, which will be taken up for consideration and passage in the Lok Sabha on Friday, an official privy to the development told ET. The government has already notified the members of the house about the official amendments it proposes to make.

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