Section 115BBHCentral Act
Section 115BBH: Tax on income from virtual digital assets
Tax on income from virtual digital assets.
Following section 115BBH shall be inserted by the Finance Act, 2022, w.e.f. 1-4-2023:(1)
Where the total income of an assessee includes any income from the transfer of any virtual digital asset, notwithstanding anything contained in any other provision of this Act, the income-tax payable shall be the aggregate of—(a)
the amount of income-tax calculated on the income from transfer of such virtual digital asset at the rate of thirty per cent; and(b)
the amount of income-tax with which the assessee would have been chargeable, had the total income of the assessee been reduced by the income referred to in clause (a).(2)
Notwithstanding anything contained in any other provision of this Act,—(a)
no deduction in respect of any expenditure (other than cost of acquisition, if any) or allowance or set off of any loss shall be allowed to the assessee under any provision of this Act in computing the income referred to in clause (a) of sub-section (1); and(b)
no set off of loss from transfer of the virtual digital asset computed under clause (a) of sub-section (1) shall be allowed against income computed under any provision of this Act to the assessee and such loss shall not be allowed to be carried forward to succeeding assessment years.(3)
For the purposes of this section, the word "transfer" as defined in clause (47) of section 2, shall apply to any virtual digital asset, whether capital asset or not.Previous
Sec 115BBG — [ Tax on income from transfer of carbon credits. [Inserted by Act 7 of 2017, section 45 (w.e.f. 1-4-2018).]
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Sec 115BBI — Specified income of certain institutions
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