预算2025：预算会将比特币ETF的所得税从12.5％增加到30％吗？

2024年结束了两次大新闻，第一次是美国当选唐纳德·特朗普作为其第47任总统，第二个是

The year 2024 concluded with two big news events. First, the United States elected Donald Trump as its 47th President. Second, the Bitcoin price crossed the one million dollar mark.

2024年结束了两个大新闻。首先，美国当选唐纳德·特朗普（Donald Trump）为第47任总统。其次，比特币价格超过了一百万美元。

So, what’s the link between India’s 2025 Budget, Donald Trump, and Bitcoin? The link is strong.

那么，印度2025年预算，唐纳德·特朗普和比特币之间有什么联系？链接很强。

Let’s start with some context. Bitcoin is a cryptocurrency known for its volatility, encryption, anonymity, and being an asset without fundamental value. The price of Bitcoin increased following the announcement that Donald Trump had won the 2024 US Presidential Election. Trump’s election promise to keep Bitcoin controlled by the federal government and establish a national Bitcoin reserve enhanced investor confidence.

让我们从某些上下文开始。比特币是一种以波动性，加密，匿名性和无基本价值的资产而闻名的加密货币。唐纳德·特朗普（Donald Trump）赢得了2024年美国总统大选之后，比特币的价格上涨。特朗普的选举承诺将保留由联邦政府控制的比特币，并建立国家比特币储备金增强了投资者的信心。

Till January 2023, investors could only invest in Bitcoin directly on unregulated or semi-regulated exchanges. Following that, investors had another option for investing in Bitcoins that is Bitcoin Exchange-Traded Funds (ETFs). Bitcoin Spot ETFs differ from Bitcoin futures ETFs. The Spot ETF holds Bitcoin, but futures-based ETFs generate positions via derivatives.

直到2023年1月，投资者只能直接对不受监管或半监管的交易所投资比特币。随后，投资者还有另一种选择，用于投资比特币交易所交易基金（ETF）的比特币。比特币现场ETF与比特币期货ETF不同。斑点ETF持有比特币，但基于期货的ETF通过衍生物产生位置。

The Bitcoin ETF enables investors to gain exposure to Bitcoin without actually owning the cryptocurrency in digital wallets or hard disks. This will reduce concerns about potential cyber attacks and the complexities of keeping complicated passwords saved on hard drives. Bitcoin ETFs trade on the Nasdaq and NYSE.

比特币ETF使投资者能够在不实际拥有数字钱包或硬盘中的加密货币的情况下获得暴露于比特币。这将减少对潜在的网络攻击的担忧，以及保存在硬盘驱动器上的复杂密码的复杂性。比特币ETF在纳斯达克和纽约证券交易所进行贸易。

A significant tax question emerges for an Indian person who invests in Bitcoin ETFs in the US market. The question is whether capital gains derived from the selling of Bitcoin ETFs should be taxed under Sections 115BBH, 50AA, or 112 of the Indian Income Tax Act, 1961. The Budget 2022 included Section 115BBH, which taxes profits from the sale of Virtual Digital Assets (VDA), including cryptocurrencies like Bitcoin.

对于在美国市场上投资比特币ETF的印度人来说，出现了一个重大的税收问题。问题是，是否应根据1961年《印度所得税法》的第115BBH，50AA或112条对比特币ETF的出售获得的资本收益征税。预算2022年包括115BBH节，从虚拟数字资产出售中征税。 （VDA），包括像比特币这样的加密货币。

Section 50AA is a specific provision included in the Budget 2023 to tax the income from specified mutual funds that do not invest more than 35% of their total proceeds in equity shares of domestic enterprises. The scope of the tax was expanded by the Budget 2024 to include income from designated mutual funds that invest more than 65% of their total proceeds in debt-based securities, such as debt and money market instruments.

第50AA节是2023年预算中包含的一项特定规定，以对指定的共同基金的收入征税，这些基金的收入不超过其总收益的35％以上，其总收益中的收入不超过国内企业的股票股票。 2024年预算的范围扩大了税收的范围，包括指定共同基金的收入，这些基金将其总收益的65％以上投资于基于债务的证券（例如债务和货币市场工具）。

Section 112 serves as a residual provision, governing the taxation of long-term capital gains from any capital asset not covered by the special provisions. Section 112 states that short-term capital gains from any asset other than those covered by Section 111A (for example- listed equity shares) are taxed at the applicable tax rate.

第112条作为剩余条款，负责从特殊规定涵盖的任何资本资产中对长期资本收益的税收。第112条规定，除第111A条所涵盖的资产以外的任何资产（例如，股票股份）以外的任何资产的短期资本收益均以适用的税率征税。

Let’s understand all this Section separately.

让我们分别了解所有本节。

This section states that the income from the sale of virtual digital assets is taxable under Section 115BBH. Income is taxed at a fixed rate of 30%. A “virtual digital asset” is defined as cryptocurrencies, NFTs, and any other digital asset that has been notified. Bitcoin ETF units may not be protected by VDA because investors did not invest directly in the cryptocurrency. Instead, Asset Management Companies (AMCs) may be taxed under this rule. Given that these USA AMCs are not taxed in India, investors are not required to pay tax under Section 115BBH in this case.

本节规定，根据第115BBH条，虚拟数字资产的销售收入应纳税。收入以固定税率为30％。 “虚拟数字资产”定义为已通知的加密货币，NFT和任何其他数字资产。比特币ETF单元可能不会受到VDA的保护，因为投资者没有直接投资加密货币。相反，资产管理公司（AMC）可以根据此规则征税。鉴于这些美国AMC在印度没有征税，因此在这种情况下，投资者无需根据115BBH的规定缴税。

However, if the government classifies Bitcoin Spot ETF as VDA in the third category indicated above, the resulting gains may be taxed under this provision. Until then, this provision may not apply.

但是，如果政府将比特币现场ETF归类为上述第三类中的VDA，则根据本规定将征税。在此之前，此规定可能不适用。

Section 50AA specifies requirements for calculating capital gains from transferring units of a Specified Mutual Fund (“SMF”). The term “specified mutual fund” refers to a mutual fund (including ETFs) that invests more than 65% of its total proceeds in debt-based securities such as debt instruments and money market instruments. Bitcoin ETFs should be excluded from taxation under Section 50AA because they do not invest in debt instruments.

第50AA节规定了从指定共同基金（“ SMF”）转移单位来计算资本收益的要求。 “指定共同基金”一词是指共同基金（包括ETF），该基金将其总收益的65％以上投资于债务证券（例如债务工具和货币市场工具）中。根据第50AA条，应将比特币ETF排除在税收之外，因为它们不投资债务工具。

Section 112 is a residuary provision that taxes long-term capital gains derived from the transfer of any capital asset. This provision applies when other special provisions are not used to tax long-term capital gains. According to Section 112, long-term capital gains generated by the transfer of a long-term capital asset on or after July 23, 2024 are taxed at 12.5% without indexation. Where the capital asset is transferred on or before July 22, 2024, the long-term capital gain will be taxed at 20% after the indexation benefit.

第112条是一项剩余条款，该规定从任何资本资产的转让中征收长期资本收益。当其他特殊规定不用于对长期资本收益征税时，此规定适用。根据第112条的根据，长期在2024年7月23日或之后转移的长期资本利得在没有指数的情况下以12.5％的税率征税。如果资本资产在2024年7月22日转移或之前，将在指数福利后以20％的税率征税。

Units held for more than 24 months (after July 23, 2024) but before the selling date should be considered long-term capital assets in Bitcoin ETFs. If it is sold on or before July 22, 2024, the holding term will be 36 months.

持有超过24个月的单位（2024年7月23日之后），但在销售日期之前应视为比特币ETF中的长期资本资产。如果在2024年7月22日出售，则持有期限为36个月。

CONCLUSION

结论

Section 5

第5节