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Cryptocurrency, characterized by its digital nature and cryptographic security, has surged in popularity, with Bitcoin emerging as a top choice among Indians.

In the recent Budget 2022 announcement, Finance Minister Nirmala Sitharaman introduced significant changes in the taxation of cryptocurrency and other Virtual Digital Assets (VDA).

Data Upload: The ITD received additional data on crypto trading activities through the VRU/CRIU functionality on the Insight Portal of Income Tax.

Cryptocurrency and other digital assets have been the subject of extensive discussion among traders for many years. In the 2022 Budget, the finance minister provided clarity by classifying cryptocurrency and similar assets as Virtual Digital Assets (VDAs).

In India, cryptocurrency is categorized as a Virtual Digital Asset (VDA). The Budget 2022 brought new rules for taxing cryptocurrencies, NFTs (Non-Fungible Tokens), and other VDAs.