What is 30% crypto tax rule?

What Is the 30% Crypto Tax Rule?

From FY 2022-23, any profit or gain from transferring virtual digital assets (VDAs), including cryptocurrency, is taxed at 30% (plus surcharge and cess). Only the gain (sale price minus cost of acquisition) is taxed. You cannot deduct any other expenses. Losses from one VDA cannot be set off against other income or carried forward. "Transfer" includes sale, exchange, gift, or use of crypto to pay for something. You must report this income in your tax return and pay the due tax.