On February 1, Indian Finance Minister Nirmala Sitharaman presented the Modi government’s final budget ahead of the 2024 elections. In the speech, the minister announced a 76% increase in digital transactions across the country.
But despite the growing number of digital transactions in India, the speech failed to address the topic of cryptocurrency. Regarding the technology sector, the government has been more focused on developments and developments in the field of artificial intelligence (artificial intelligence).
Legislation related to cryptocurrencies is now pretty much the same as it was last year. For starters, capital gains derived from crypto assets will be taxed at 30 percent, regardless of which tax bracket the taxpayer falls into.
However, it is important to note that the tax slabs for Indian nationals have changed along with the tax cuts in these slabs. These changes may free up some income for Indian citizens, which can be used to make further investments. Additionally, some of these additional investments may find their way into the crypto market.