FM Nirmala may tax cryptos

nirmala sitharaman

The Union Budget for 2022-23 which will be presented in the Parliament on February 1, Tuesday by Finance Minister Nirmala Sitharaman is expected to tax crypto currencies, especially those backed by stable currencies like US dollar. Though a final decision on this is still under process from the RBI, the government may go for taxing these digital instruments.

The FM may propose a Bill amending the Income Tax Act for the purpose during the session which will last for two months with a month long break in between. The crypto currencies will be treated as assets like real estate and capital investments and a hefty tax will be levied to mop up enough revenues to the exchequer.

If this happens, it will have to two consequences – first the present trend of people buying crypto currencies will continue, though they cannot be used as currencies in real terms as just as a way of speculative investments and the second is other investment opportunities like Real Estate and Gold will lose their attraction in the coming days.

Rama Krishna Sangem

Ramakrishna chief editor of excel India online magazine and website

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Rama Krishna Sangem

Excel India national news magazine is a media startup founded and piloted by Rama Krishna Sangem, a Hyderabad based senior journalist with over three decade experience in the field of media, mostly in print journalism. His rich experience in reporting for both Telugu and English newspapers and heading a TV news channel and some online outfits will be of immense use to this venture. Excel India English news magazine seeks to fill the gap of analytical understanding to our readers who today are confronted with myriad media platforms. Our online version not only offers regular updates and commentary on happenings around us, but also gives larger stories not limited by space constraints of a print magazine. Excel India is ably run by a team of senior journalists committed to values and quality standards in the profession. We urge you all to support and guide us in this endeavour. Reach us at