Government tables amended finance bill in Lok Sabha; details here

Finance minister has moved the Finance Bill 2022 for passage and there are some key amendments that one needs to watch out for. One of the top highlights is the tighter norms for cryptocurrency taxation.

Government is very clear that they will not allow setting off any losses, with the gains from the other virtual digital assets because government is very clear that virtual digital assets are not equal to other equity instruments.

Apart from that government has also cleared the air when it comes to the further dilution of the proposal that was moved in the budget, which is part of the now amended Finance bill is to dilute the penalty provision relating to publication of export-import data, the provision of imprisonment and Rs 50,000 of penalty that has been diluted.