FinoPulse #013 · MAY 15, 2026
India Tax & Compliance Update #13
finoscape.com
In a significant development, the Central Board of Direct Taxes (CBDT) has notified new rules for the taxation of virtual digital assets, including cryptocurrencies and non-fungible tokens (NFTs). This move is expected to bring clarity on the tax treatment of these assets and provide a boost to the growing digital economy in India.
As per the new rules, a 30% tax will be applicable on the income from virtual digital assets.
The new rules will have a significant impact on your business, especially if you deal with virtual digital assets. You will need to ensure that you are in compliance with the new regulations and pay the applicable taxes.
For example, if your business earns Rs 10 lakhs from the sale of NFTs, you will need to pay a tax of Rs 3 lakhs.
Let’s say you are the owner of a digital art studio, and you sell NFTs worth Rs 5 lakhs. You will need to pay a tax of Rs 1.5 lakhs.
Our experts recommend that you consult with a tax professional to ensure that you are in compliance with the new regulations.
- Review your business’s tax compliance
- Consult with a tax professional
- Ensure that you are paying the applicable taxes
The Income-Tax Act, 2025 (ITA 2025) was passed by Parliament in February 2025, and it has brought significant changes to the tax laws in India.
Here’s what it says, means, and when it applies:
- What it says: The ITA 2025 has introduced a new tax regime, which will be applicable from April 1, 2026.
- What it means: The new tax regime will have a significant impact on your business, and you will need to ensure that you are in compliance with the new regulations.
- When it applies: The new tax regime will be applicable from April 1, 2026, and you will need to file your tax returns accordingly.
Common mistakes to avoid:
- Not filing tax returns on time
- Not paying the applicable taxes
- Not maintaining proper tax records
New GST rates for certain goods and services effective May 1, 2026.
The GST Council has announced new rates for certain goods and services, effective May 1, 2026.
GST Council Removes Exemptions on Certain Services.
The GST Council has announced the removal of exemptions on certain services, including.
What is the tax rate applicable to income from virtual digital assets?