Earlier this week, Finance Minister Nirmala Sitharaman announced that profits from the sale of virtual assets would be taxed at a flat rate of 30% without any deductions or exemptions. The rate is on par with the highest income tax band, which applies to individuals earning more than 1.5 million rupees ($20,000) a year. The government also introduced a 1% tax, deducted at source (TDS), on cryptocurrency trading.