01 February,2022 06:50 PM IST | Mumbai | mid-day online correspondent
This picture has been used for representational purpose. Pic/istock
As the Union Budget 2022 was announced by Finance Minister Nirmala Sitharaman on Tuesday, it was proposed that the transfer of cryptocurrency or any virtual asset will now be taxed at 30 per cent. "No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition," Sitharaman said. She further said gifts received in the form of cryptocurrencies will also be taxed at the same rate. There was also no tax concessions for the salaried class.
While, several people were of the opinion that the taxation implies that crypto would now be 'legal' in India; on the other hand, many have voiced their opinion on the taxation.
Here are some of the funniest 'middle class' memes that were trending on social media.
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Meanwhile, Sitharaman in her budget speech had also announced the introduction of Digital Rupee to be issued by the Reserve Bank of India starting 2022-23. She said Central Bank Digital Currency (CBDC) will give a big boost to the digital economy. The minister said the digital currency will also lead to a more efficient and cheaper currency management system and it will use blockchain and other technologies.
With inputs from ANI
