Personal Taxes

74% assist finances tax on cryptos; 56% rue lack of personal tax relief

An online opinion survey on Union Budget 2022-23 suggests the government’s plans to tax digital assets and cryptocurrency transactions has enough support from the public. Of the 40,000 respondents the survey reached, 10,461 responded to the question on central government’s proposal to tax digital assets. Out of these 10,461 respondents, 74% supported one or more of the government’s plans to tax digital assets and cryptocurrency transactions or RBI launching India’s digital currency.

At least 56% of the respondents were disappointed with the budget because no relief was granted in personal taxes.

While 7% of the respondents said the budget, presented by union finance minister Nirmala Sitharaman on February 1, was far above their expectations, 10% said it was above their expectations. Another 25% said it met their expectations. While 30% said it is below expectations, 26% of the respondents said it was “far below”.

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