The implications of treating Virtual Digital Assets as taxable properties
3 weeks ago

The implications of treating Virtual Digital Assets as taxable properties

The Hindu  

As digital economies expand and blockchain technology reshapes global finance, governments worldwide are grappling with the classification, regulation and taxation of Virtual Digital Assets. VDAs as property and capital assets For the first time in India, the Income Tax Bill, 2025 explicitly treats VDAs as property ) and capital assets. The bill categorically states that VDAs, which include crypto assets, Non-Fungible Tokens, and similar digital assets, should be considered property. This classification is similar to the U.K. policy, where HM Revenue & Customs recognises crypto assets as property for tax purposes, subjecting them to the Capital Gains Tax. Likewise, New Zealand’s Inland Revenue Department also treats crypto assets as property, making them subject to income tax on trades.

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History of this topic

Have crypto earnings? New Income Tax Bill will see it as 'undisclosed income' during searches
1 month, 1 week ago

Have crypto earnings? New Income Tax Bill will see it as 'undisclosed income' during searches

Firstpost  

The new Income Tax Bill, set to be tabled on February 13, categorises virtual digital assets, commonly known as cryptocurrencies, as ‘undisclosed income’ during searches, alongside existing categories like gold and bullion, according to a report The new Income Tax Bill, set to be tabled on February 13, categorises virtual digital assets, commonly known as cryptocurrencies, as ‘undisclosed income’ during …

Crypto assets to be included in assessing undisclosed income, says Sitharaman in Budget
1 month, 3 weeks ago

Crypto assets to be included in assessing undisclosed income, says Sitharaman in Budget

Hindustan Times  

Finance Minister Nirmala Sitharaman in her budget speech has proposed that “virtual digital asset” should be included in defining undisclosed income, the latest step by the government to tighten oversight of cryptocurrencies. "It is proposed to add the term 'virtual digital asset' to the said definition of undisclosed income of the block period," the Budget document said. The move comes …

Crypto Tax Gets Clarity, ITAT Rules VDAs To Be Recognised As Capital Assets. Check Out New Framework For Profits
3 months, 1 week ago

Crypto Tax Gets Clarity, ITAT Rules VDAs To Be Recognised As Capital Assets. Check Out New Framework For Profits

ABP News  

The Income Tax Appellate Tribunal in Jodhpur has provided much-needed clarity on the taxation of cryptocurrencies in India. By recognising crypto as capital assets, it provides much-needed relief for investors who sold crypto before 2022, allowing them to benefit from long-term capital gains tax rates. For investors, this means that any profits made from selling cryptocurrencies will now be subject …

Bitcoin profits even before VDA rules to be treated as capital gains: Jodhpur ITAT
3 months, 1 week ago

Bitcoin profits even before VDA rules to be treated as capital gains: Jodhpur ITAT

New Indian Express  

NEW DELHI: In a first of its kind legal dispute over taxation of bitcoins, the Jodhpur Income Tax Appellate Tribunal has ruled that gains for sale of bitcoins even before the introduction of virtual digital asset regime in 20202 should be treated as capital gains for the purpose of taxation. The ITAT order says that even though Bitcoin is intangible, …

Govt has no timeline for regulatory guidelines for Virtual Digital Assets
3 months, 1 week ago

Govt has no timeline for regulatory guidelines for Virtual Digital Assets

Live Mint  

New Delhi, December 16 : The government on Monday informed Lok Sabha that there is no anticipated timeline for the introduction of comprehensive regulatory guidelines for the Virtual Digital Assets industry in India. The government was asked by two members of Parliament whether it was taking steps to establish a comprehensive regulatory framework for the Virtual Digital Assets industry. The …

Cryptocurrency tax in India: Know how much you will have to pay on Crypto investments
3 months, 2 weeks ago

Cryptocurrency tax in India: Know how much you will have to pay on Crypto investments

India TV News  

Following Donald Trump’s victory in the US presidential elections, the value of cryptocurrencies, including Bitcoin, has skyrocketed. Heavy 30 per cent Tax on Gains In India, cryptocurrencies aren't formally identified as legal tender under the Income Tax Act’s Section 2, which classifies them as Virtual Digital Assets. These provisions mandate: A flat 30 per cent tax on profits earned from …

Ready to cash out Bitcoin? Understand income tax rules on cryptocurrency in India
4 months, 1 week ago

Ready to cash out Bitcoin? Understand income tax rules on cryptocurrency in India

Live Mint  

Since Donald Trump's victory in the US presidential elections on November 5, 2024, Bitcoin, the world's largest cryptocurrency, has risen more than 30%, reaching its highest point ever. If you are invested heavily in Bitcoin and want to book profit from this biggest crypto asset, remember that taxes on virtual digital assets in India operate differently than those on more …

Invested in cryptos this year? You will have to pay tax at this rate…
8 months, 3 weeks ago

Invested in cryptos this year? You will have to pay tax at this rate…

Live Mint  

If you have invested in cryptocurrencies in the financial year 2023-2024, then the chances are that you earned significant profits in the year gone by. Bitcoin rose nearly 108 percent in the past one year, while ether rose nearly 80 percent during this time. When you transfer crypto tokens, also known as virtual digital assets in the taxation lingo, investors …

Virtual digital assets: Lessons from global trends in regulation
1 year, 6 months ago

Virtual digital assets: Lessons from global trends in regulation

Live Mint  

Leading international organizations have recently produced policy notes on crypto-assets, also known as virtual digital assets as per the Finance Act of 2022. Given BIS's considerable influence, its observations are expected to significantly impact upcoming G20 discussions on virtual digital assets. BIS has outlined three high-level policy options concerning virtual digital assets in its recent paper: 1) an outright ban, …

Crypto Tax Compliance Solution for Investors: Giottus, TaxNodes Join Hands
1 year, 9 months ago

Crypto Tax Compliance Solution for Investors: Giottus, TaxNodes Join Hands

News 18  

Crypto assets platform Giottus and leading tax solutions provider TaxNodes have entered into a strategic partnership to provide a safe and reliable solution to customers trading and investing in virtual digital assets. Giottus CEO Vikram Subburaj said, “Giottus is delighted to partner with TaxNodes on our mission to strengthen tax compliance in the industry. By leveraging TaxNodes’ expertise and advanced …

Virtual digital assets, India’s stand and the way ahead
1 year, 10 months ago

Virtual digital assets, India’s stand and the way ahead

The Hindu  

Rulemaking is an arduous task. A prominent, and far-reaching, update has been India’s recent notification extending the anti-money laundering provisions to virtual digital assets businesses and service providers. On March 7, the Union Finance Ministry, in a gazette notification, extended these activities under the Prevention of Money Laundering Act Act of 2002: exchange between virtual digital assets and fiat currencies; …

TDS on Cryptos: Know How Much Govt Has Earned So Far
1 year, 11 months ago

TDS on Cryptos: Know How Much Govt Has Earned So Far

News 18  

Virtual digital assets, including cryptocurrencies, attract 1 per cent of tax deducted at source. Finance Minister Nirmala Sitharaman in the Union Budget 2022 had introduced the provision of tax deducted at source at 1 per cent levied on payments made on transfer of virtual assets. According to a CBDT notification, “The new section mandates a person, who is responsible for …

Centre Brings Crypto Transactions Under Money Laundering Laws
2 years ago

Centre Brings Crypto Transactions Under Money Laundering Laws

News 18  

The Central government, in a new regulatory move, has bought a range of virtual digital asset transactions, including cryptocurrencies, under the ambit of the Prevention of Money Laundering Act 2002. Virtual digital assets are defined as any code or number or token generated through cryptographic means with the promise or representation of having inherent value. “Exchange between virtual digital assets …

Money laundering laws will now cover cryptocurrency trade
2 years ago

Money laundering laws will now cover cryptocurrency trade

The Hindu  

The government has imposed money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets. The notification said, "Exchange between virtual digital assets and fiat currencies, exchange between one or more forms of virtual digital assets, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual …

Budget 2023-24 Expectation: Need for clarity on equalisation levy; higher tax on virtual digital assets
2 years, 1 month ago

Budget 2023-24 Expectation: Need for clarity on equalisation levy; higher tax on virtual digital assets

Firstpost  

Among the tax base broadening initiatives taken by the government in recent years in the digital sector, two key measures that have stood out are the equalisation levy and higher tax on virtual digital assets. Taxing digital economy Unlike the digital services tax applied by some other countries, the widened scope of EQL provisions in India covers even the traditional …

Why VDA taxation needs attention in the Budget 2023
2 years, 2 months ago

Why VDA taxation needs attention in the Budget 2023

Live Mint  

In India, the relationship between regulators and the crypto community has been tumultuous. While the legal status of cryptocurrency in India is still ambiguous, Union budget 2022 had set the stage for taxation of Virtual Digital Assets by introducing a three-pillar tax regime: income arising from transfer of VDA to be taxed at a flat 30% rate, 1% withholding tax, …

Crypto Tax: Italy Plans To Impose 26% Levy On Crypto Trading Gains; Details Here
2 years, 3 months ago

Crypto Tax: Italy Plans To Impose 26% Levy On Crypto Trading Gains; Details Here

News 18  

Tightening the regulation on digital assets and expanding taxation on crypto trading, Italy is planning to impose a 26 per cent tax on digital assets for gains above 2,000 euros, according to a Bloomberg report. The Italian tax authorities currently treat digital coins and tokens as foreign currency and impose tax accordingly, which is lower than the proposed 26 per …

Tax withholding on virtual digital assets
2 years, 8 months ago

Tax withholding on virtual digital assets

Live Mint  

The Finance Minister created a stir in Budget 2022 by introducing taxation on Virtual Digital Assets such as cryptocurrencies and non-fungible tokens. The Budget also introduced a new provision, section 194S in the Income Tax Act, 1961 that provides a 1% tax deducted at source, to be deducted by the payer of the consideration on transfer of such assets, exceeding …

1% TDS Plus 30% Income Tax on Virtual Assets: How New Cryptocurrency Rule Will Affect You. Details Here
2 years, 8 months ago

1% TDS Plus 30% Income Tax on Virtual Assets: How New Cryptocurrency Rule Will Affect You. Details Here

News 18  

Starting this month, all your cryptocurrency transactions will be subjected to a 1% TDS. But much like Delhi-based professional and crypto investor Karan, many crypto users still have “no idea or clarity” as to how this would pan out on their finances. “We believe that the government will monitor the implementation and consider reducing the TDS percentage to create a …

Confused About Which NFTs Are Virtual Digital Assets? Finance Ministry's CBDT Clears the Air
2 years, 8 months ago

Confused About Which NFTs Are Virtual Digital Assets? Finance Ministry's CBDT Clears the Air

News 18  

The Central Board of Direct Taxes, which is part of the Ministry of Finance’s revenue division, has said that only NFT trades without a concurrent sale of the underlying physical asset will be subject to the tax rates laid forth for virtual digital assets. In the notification, CBDT said: “The Central Government hereby specifies a token which qualifies to be …

TDS On Crypto Assets From July 1: Income Tax Dept Issues Guidelines; Know Rules Here
2 years, 9 months ago

TDS On Crypto Assets From July 1: Income Tax Dept Issues Guidelines; Know Rules Here

News 18  

The Central Board of Direct Taxes has issued detailed guidelines on the levy of tax deducted at source on virtual digital assets or crypto assets, which will be effective July 1. The CBDT said, “This deduction is not required to be made in the following cases:- the consideration is payable by a specified person and the value or aggregate value …

Cryptocurrency Bill to Come Soon: Govt Working on FAQs on Crypto Tax; Know Details
2 years, 11 months ago

Cryptocurrency Bill to Come Soon: Govt Working on FAQs on Crypto Tax; Know Details

News 18  

As the government prepares to roll out the Finance Bill that regulates all virtual digital assets, including cryptocurrencies, it is working on developing an FAQ on the taxation of the same. These FAQ sheet will aim to give users a clarification in a nuanced way on the applicability of income tax and GST on virtual digital assets, a report has …

ITR filing: Income tax rules for crypto, virtual digital assets you should know
2 years, 11 months ago

ITR filing: Income tax rules for crypto, virtual digital assets you should know

Live Mint  

The government is working on an FAQ on taxation of cryptocurrencies, which will give a nuanced clarification on the applicability of income tax and GST on virtual digital assets, an official said. The DEA, Revenue Department and the Reserve Bank are working to ensure that the taxation aspect is clear both for field tax offices as well as those who …

Crypto tax rules: Should you sell your crypto assets before Mar 31?
2 years, 11 months ago

Crypto tax rules: Should you sell your crypto assets before Mar 31?

Live Mint  

The Indian government has tightened bolts for trading in cryptocurrencies. On Friday, Lok Sabha approved taxation rules on virtual digital assets or "crypto tax" that was proposed in Budget 2022-23 by clearing the Finance Bill 2022. Under the bill, section 115BBH deals with taxes on virtual digital assets, while clause prohibits setting off a loss from crypto assets against income …

Cryptocurrency tax, bill in India: What we know so far
3 years ago

Cryptocurrency tax, bill in India: What we know so far

India Today  

The cryptocurrency tax and proposed regulation bill have been a topic of discussion among investors and stakeholders in India for sometime. The government on Thursday proposed to tighten the norms for taxation of cryptocurrencies by disallowing the set off of any losses with gains from other virtual digital assets, according to a PTI report. FINANCE BILL, 2022 As per the …

Crypto Tax in India: Date, income tax, ITR form, TDS, deduction | Key points
3 years ago

Crypto Tax in India: Date, income tax, ITR form, TDS, deduction | Key points

India Today  

As the ongoing financial year 2021-22 draws to a close, there has been a lot of chatter pertaining to crypto-tax in India. The central government in Union Budget 2022 proposed the introduction of a specific tax regime for virtual digital assets. INCOME TAX ON DIGITAL ASSETS FM Sitharama proposed that "any income from the transfer of any virtual digital asset …

Crypto tax: A laudable move but government should engage in meaningful deliberations with stakeholders
3 years, 1 month ago

Crypto tax: A laudable move but government should engage in meaningful deliberations with stakeholders

Firstpost  

To put the prevailing apprehensions at rest, the Modi government should hold talks with all stakeholders, both on the taxability of virtual digital assets and their future legal position in India Union Budgets are known for making news. Placing VDAs at par with gambling and betting, the Finance Bill proposes to tax gains earned on the transfer of VDAs at …

Explained | What is the debate around the legality of cryptocurrencies after the announcement of a 30% tax?
3 years, 1 month ago

Explained | What is the debate around the legality of cryptocurrencies after the announcement of a 30% tax?

The Hindu  

The story so far: In her Budget speech, Finance Minister Nirmala Sitharaman introduced a 30% tax on income earned from transfer of virtual digital assets. At a press conference after presenting the Budget, Ms. Sitharaman said consultation is underway with stakeholders on digital assets, adding that there is no clarity yet on how the Government of India will regulate cryptocurrencies. …

Crypto Tax: Pay income tax for cryptocurrency transactions done before April 2022
3 years, 1 month ago

Crypto Tax: Pay income tax for cryptocurrency transactions done before April 2022

India Today  

Crypto investors involved in the transaction must take note that there is a taxability of the crypto-currency for the ongoing financial year ending on March 31. Crypto investors should know that the transactions done before April 2022 will not be tax-free," Central Board of Direct Taxes Chairman JB Mohapatra said. Earlier, Revenue Secretary Tarun Bajaj said that income tax return …

A disjointed response: The Hindu Editorial on crypto assets and regulation
3 years, 1 month ago

A disjointed response: The Hindu Editorial on crypto assets and regulation

The Hindu  

One of the most striking moves in the Union Budget’s taxation proposals for 2022-23 is the introduction of a taxation regime for virtual digital assets — evolving manifestations of cryptocurrencies, codes and non-fungible tokens. Finance Minister Nirmala Sitharaman has proposed to tax all profits from transactions in such assets at 30% along with the applicable surcharge and cess, and a …

Crypto Tax Proposed in Budget 2022 Explained: How and When you have to Pay Tax on Crypto
3 years, 1 month ago

Crypto Tax Proposed in Budget 2022 Explained: How and When you have to Pay Tax on Crypto

News 18  

Finance minister Nirmala Sitharaman in Union Budget 2022 announced that India will levy a steep tax at a flat rate of 30 per cent on virtual assets including cryptocurrency and Nonfungible tokens or NFTs. “Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at …

Investing in crypto? Transactions done before April 2022 won’t be tax-free. Read
3 years, 1 month ago

Investing in crypto? Transactions done before April 2022 won’t be tax-free. Read

Live Mint  

The Central Board of Direct Taxes on Thursday clarified that crypto transactions done before April this year will not be tax free as was believed by some. During There has been a phenomenal increase in transactions in virtual digital assets and the magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime. “Accordingly, …

Legal or not? India’s budget raises questions, hopes for crypto
3 years, 1 month ago

Legal or not? India’s budget raises questions, hopes for crypto

Al Jazeera  

Narendra Modi’s government plans to launch an official digital currency and begin taxing profits on cryptos. Narendra Modi’s government said during the budget announcement on Tuesday that it will launch an official digital currency and begin taxing profits earned on cryptocurrencies from the financial year 2022-2023. Even as Finance Minister Nirmala Sitharaman insisted cryptos could not be considered “currencies”, she …

Virtual digital asset: How Union Budget 2022 brings cryptocurrency within tax net
3 years, 1 month ago

Virtual digital asset: How Union Budget 2022 brings cryptocurrency within tax net

Firstpost  

The Finance Minister has also clarified that the government doesn’t consider cryptocurrency as a currency, but shall treat it as a virtual digital asset The Union Budget 2022 announced on Tuesday by Finance Minister Nirmala Sitharaman has finally brought in a lot of clarity on how cryptocurrency will be taxed from Financial Year 2022-23, which is the Assessment Year 2023-24. …

Budget 2022: Cryptos, blockchain & 30 percent tax; All you need to know
3 years, 1 month ago

Budget 2022: Cryptos, blockchain & 30 percent tax; All you need to know

Live Mint  

Until a day before the Budget speech, most of us — especially blockchain aficionados — were eagerly awaiting some substantive announcement on cryptocurrencies. Tax on the transfer of digital assets such as cryptocurrencies and NFTs will now be levied at the rate of 30 percent, announced Union Finance Minister Nirmala Sitharaman during the Union Budget 2022 speech. While expressing the …

Union Budget 2022: India introduces 30% cryptocurrency tax; how it will affect you
3 years, 1 month ago

Union Budget 2022: India introduces 30% cryptocurrency tax; how it will affect you

Firstpost  

Union Budget 2022-23: The announcement of a heavy tax on crypto income has come as a big disappointment for crypto investors as finance minister Nirmala Sitharaman also gave no relief in case of losses Finance minister Nirmala Sitharaman in her 2022 Budget Speech Tuesday said that 30 per cent tax would be charged on income from the transfer of virtual …

India imposes 30% tax on income from cryptocurrency, digital assets; 1% TDS on buy/sale
3 years, 1 month ago

India imposes 30% tax on income from cryptocurrency, digital assets; 1% TDS on buy/sale

India TV News  

Giving clarity on taxation of cryptocurrencies and other virtual assets, Finance Minister Nirmala Sitharaman on Tuesday proposed a 30 per cent tax on income from transactions in such assets. Also, to bring such assets under the tax net, she proposed a 1 per cent TDS on transactions in such asset classes above a certain threshold. Experts said the 30 per …

Dear Indians, value of cryptocurrencies you hold is now down by 30 per cent as govt moves to take its cut
3 years, 1 month ago

Dear Indians, value of cryptocurrencies you hold is now down by 30 per cent as govt moves to take its cut

India Today  

Finance Minister Nirmala Sitharaman on Tuesday announced that any income from cryptocurrencies will be taxed at 30 per cent. The decision to tax digital assets grant them the much asked for legitimacy but at the same time, comes as a major setback for existing crypto investors who are set to lose 30 per cent of their income in the next …

Union Budget 2022: 30% Tax On Digital Assets Is Likely To Make Crypto A Legal Asset
3 years, 1 month ago

Union Budget 2022: 30% Tax On Digital Assets Is Likely To Make Crypto A Legal Asset

ABP News  

New Delhi: In a big boost to cryptocurrency enthusiasts, Finance Minister Nirmala Sitharaman Tuesday introduced a 30 per cent tax on digital assets, essentially meaning the Narendra Modi government is moving towards legalising cryptocurrency as a legal asset. Dr Arun Singh, global chief economist, Dun and Bradstreet, believes that the taxation of Virtual Digital Assets without setoff of loss with …

Union Budget 2022 | Virtual digital assets such as cryptos, NFTs to be taxed at 30%
3 years, 1 month ago

Union Budget 2022 | Virtual digital assets such as cryptos, NFTs to be taxed at 30%

The Hindu  

Finance Minister Nirmala Sitharaman, during her Budget speech in Parliament on Tuesday, announced a scheme for taxation of virtual digital assets, such as cryptocurrencies and non-fungible tokens. Stating there had been a phenomenal increase in transactions in virtual digital assets, she said the magnitude and frequency of these transactions had made it imperative to provide for a specific tax regime. …

IRS Says It Will Treat Bitcoins As Property, Not Currency
11 years ago

IRS Says It Will Treat Bitcoins As Property, Not Currency

NPR  

IRS Says It Will Treat Bitcoins As Property, Not Currency Enlarge this image toggle caption Rick Bowmer/AP Rick Bowmer/AP In a new rule released on Tuesday, the Internal Revenue Service says it will treat bitcoin and other virtual currencies as property. "In a notice, the IRS said that it generally would treat bitcoin held by investors much like stock or …

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