India's New Income Tax Bill 2025: 30% Tax on Crypto Income Confirmed

India's Finance Ministry is set to table the new Income Tax Bill in Parliament on February 13, 2025. The 622-page bill, intended to simplify the tax system, includes specific provisions for cryptocurrency. The bill reinstates a flat 30% tax on income from virtual digital assets, including crypto and NFTs, with no deductions or exemptions allowed except for the cost of acquisition. A 1% TDS on crypto transactions will remain applicable to track digital transactions. Businesses can benefit from lower corporate tax rates but must ensure they meet the eligibility conditions. Crypto traders and investors will need to comply with stricter taxation and reporting requirements.