#Budget 2024-25: Crypto firms call for tax reductions, regulatory clarity.
A reduction in transaction tax, allowing the setting-off of losses, treating capital gains from crypto assets the same as in other income sources and bringing in a conducive regulatory regime are some of the key expectations of the crypto industry from the upcoming Union budget.
Budget 2022-23 had brought in regulations mandating that gains arising from virtual digital assets (VDAs) or crypto assets be taxed at a flat rate of 30 percent irrespective of the individual’s income tax slab rate.