A crypto-focused tax proposal has reportedly made significant strides towards official enactment, with a review scheduled with the nation’s lower house of parliament to go through the proposed bill. 

Specifically, the bill’s author – India’s Finance Minister Nirmala Sitharaman – is reportedly going to roll out appropriation and finance bills for 2022 to the Lok Sabha – the lower house of parliament. 

The Finance Bill will reportedly detail an adjustment to the nation’s income tax laws identifying “virtual digital assets’ ‘ – with cryptocurrencies and non-fungible tokens included within the scope – as taxable investments.

Initially disclosed by the finance minister in February, the change expected to be made to India’s current legislation reportedly called for a 30% tax targeting digital asset transactions. 

Sitharaman further remarked at the time that any financial damages taking place during the crypto trading process would most likely be ineligible for offsetting taxes from any profits.

Moreover, no deductions would be supported during the calculating phase of income, “except the cost of acquisition.”

Under this tax calculation, it would reportedly be mandatory for traders to fulfill a 30% tax duty on  gains from cryptocurrencies including Bitcoin (BTC) and Ether (ETH), but not account for losses if the price of the coins plummet. 

This proposed legislation will reportedly have a likelihood of being officially enacted beginning the first of April this year. 

The tax policy on crypto reportedly seems to be a legislative substitute for a bill that has been brought up in the past, which aime to put a barring on “private cryptocurrencies” in India. According to the Lok Sabha’s most recently published list of business, India’s parliament is not scheduled to hear a discussion on the crypto bill during its budget session, which ends April 8.