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 any other income is an indirect approval for cryptocurrencies. This asset classes being treated differently creates one sided tax implication versus using Crypto as traceable asset and NFTs or Gaming Virtual Goods are Entertainment Assets / Collectible assets like Digital Music or Digital Art. "Worldwide, NFTs are still classified as non taxable assets, and it is imperative that the adjustment in understanding that Cryto Token is different than digital NFT is token is taken into consideration for future amendments and allow industries like Gaming, Interactive Immersive Museums and other edutainment NFT frameworks succeed without tax burden," he said.

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History of this topic

Crypto & The Indian Economy: How New Income Tax Bill Marks A Pivotal Moment
2 weeks, 6 days ago

Crypto & The Indian Economy: How New Income Tax Bill Marks A Pivotal Moment

ABP News  

By Vikram Subburaj Digital assets in India have evolved into a complex intersection of technological innovation, regulatory calibration, and fiscal oversight. Recent developments, notably the Union government’s initiative to draft a comprehensive concept paper on crypto and the introduction of the Income Tax Bill, 2025, in the Lok Sabha, signal a pivotal moment in India’s crypto journey. Income Tax Bill, …

The implications of treating Virtual Digital Assets as taxable properties
3 weeks, 2 days 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, …

Have crypto earnings? New Income Tax Bill will see it as 'undisclosed income' during searches
1 month, 2 weeks 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 cuts in Budget 2025? Indian industry hopes for relief from FM Nirmala Sitharaman
2 months, 1 week ago

Crypto tax cuts in Budget 2025? Indian industry hopes for relief from FM Nirmala Sitharaman

Live Mint  

As the Union Budget 2025 approaches, the cryptocurrency industry in India anticipates a more favourable tax and regulatory environment. Crypto sector seeks income tax reforms ahead of Union Budget 2025 "The 1% TDS on crypto transactions led many investors and traders to turn towards foreign exchanges, making it harder for the government to track activity. A reduction of TDS down …

Bitcoin Taxation: This lesser-known rule cut a techie’s tax liability to just ₹33 lakh on ₹6.64 crore in crypto gain
3 months, 1 week ago

Bitcoin Taxation: This lesser-known rule cut a techie’s tax liability to just ₹33 lakh on ₹6.64 crore in crypto gain

Live Mint  

Bitcoin taxation case: An ex-Infosys employee recently won a case against the Income Tax department after the Jodhpur income tax appellate tribunal decided that the cryptocurrency sold by the person was a capital asset. The ITAT stated that the person should be allowed to pay a lower tax rate on his profit from the sale and claim ₹4.95 crore as …

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 …

Cryptocurrencies to be taxed as capital gains: Relief for pre-FY23 earnings
3 months, 1 week ago

Cryptocurrencies to be taxed as capital gains: Relief for pre-FY23 earnings

India Today  

The Income Tax Appellate Tribunal in Jodhpur has clarified how cryptocurrency profits should be taxed in its ruling in Tuesday. TAXATION BEFORE AND AFTER 2022 Pre-2022 transactions: Before the Virtual Digital Assets regulations came into effect in 2022, profits from crypto sales were categorised as capital gains, much like profits from stocks or real estate. Investors holding cryptocurrencies for more …

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 …

Union Budget 2024: As Crypto Taxes Remain Unchanged, Here Are Top Takeaways For Investors & Market
8 months ago

Union Budget 2024: As Crypto Taxes Remain Unchanged, Here Are Top Takeaways For Investors & Market

ABP News  

Union Budget 2024: Finance Minister Nirmala Sitharaman in her Budget presentation made a pivotal decision to retain the current tax rates on virtual digital assets. One of the primary concerns is that the current tax regime could act as a deterrent for new investors. New investors, particularly those from outside the country, may find the tax implications challenging or discouraging, …

Crypto Tax In India: The Current State & How Union Budget 2024 Can Help
8 months, 1 week ago

Crypto Tax In India: The Current State & How Union Budget 2024 Can Help

ABP News  

As the global crypto markets are on a bull run, the excitement among Indian investors is also palpable. With the Union Budget 2024 on the horizon, understanding the current tax framework and anticipating potential changes can help investors make informed decisions and optimise their portfolios. Anticipated Changes In Union Budget 2024 As we approach the Union Budget 2024, several potential …

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 …

Crypto industry seeks conducive tax environment
8 months, 3 weeks ago

Crypto industry seeks conducive tax environment

New Indian Express  

BENGALURU: The first half of this year was a significant one for the crypto industry ­-- Bitcoin touched its peak of over $73,000 in March, Bitcoin Halving, US SEC granted approval for spot Bitcoin ETFs. All these have driven increased trading activity in the Indian crypto market, and crypto exchanges hope that the upcoming Budget will create a conducive regulatory …

Crypto India Tax PMLA State Future Regulation RBI CBDC Digital Rupee ABP Live TV
1 year, 6 months ago

Crypto India Tax PMLA State Future Regulation RBI CBDC Digital Rupee ABP Live TV

ABP News  

Crypto is often called the "Internet of Value" and for good reason. Here’s Why Crypto Could Prove Important To India Remittances: A Game Changer India holds the global top spot for remittance receipts, raking in approximately $80 billion annually. Crypto and decentralised technologies are not merely optional but vital to safeguarding India's national sovereignty. Enterprise Adoption A consortium of 15 …

Crypto Tax Compliance Solution for Investors: Giottus, TaxNodes Join Hands
1 year, 10 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, 11 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 …

Navigating the complexities of crypto taxation in India
2 years ago

Navigating the complexities of crypto taxation in India

Live Mint  

There is an adage which encapsulates the process of taxation, and it goes thus: the only two things certain in life are death and taxes. Navigating crypto from a tax angle We believe that Indian crypto investors can become tax compliant and plan their investments better by following certain principles. Building a crypto portfolio: India’s crypto tax regime does not …

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 law to apply to crypto trade: Finance Ministry
2 years ago

Money laundering law to apply to crypto trade: Finance Ministry

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 …

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 Updates: FM offers no relief for crypto industry as 30% flat tax continues
2 years, 1 month ago

Budget 2023 Updates: FM offers no relief for crypto industry as 30% flat tax continues

India Today  

The 2023 Union Budget has brought with it great news for the middle class with a revised tax slab offering income tax concessions to the middle class. Finance Minister Nirmala Sitharaman announced a flat 30 percent tax on crypto in the previous budget which wasn't revised during this year’s session. Not good for our country and those building in this …

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 …

Budget 2023: FM Nirmala Sitharaman must classify cryptocurrencies as asset class rather than speculative instruments
2 years, 1 month ago

Budget 2023: FM Nirmala Sitharaman must classify cryptocurrencies as asset class rather than speculative instruments

Firstpost  

Cryptocurrencies have been gaining momentum worldwide for the past two years, making big headlines. Tax on VDAs The Union Budget of India in 2022 has introduced a system of taxation on virtual digital assets with a 30 percent tax on gains and 1 percent on Tax Deducted at Source. Need for a progressive approach to taxation The crypto industry is …

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 …

Finally, clarity coming soon on GST on crypto
2 years, 4 months ago

Finally, clarity coming soon on GST on crypto

Live Mint  

NEW DELHI : Clarity on applying goods and services tax on crypto or virtual digital assets appears to be around the corner, with the Central Board of Indirect Taxes and Customs working on an agenda paper on the topic. “CBIC has been asked to prepare an agenda paper on GST on crypto assets… While currently GST is being levied on …

High tax on crypto may kill industry in India: Binance CEO
2 years, 4 months ago

High tax on crypto may kill industry in India: Binance CEO

Live Mint  

NEW DELHI: High taxes on cryptocurrency transactions in the country may “kill the industry” in India, Binance chief executive Changpeng Zhao said on Thursday. Addressing an event on the global fintech industry in Singapore, Zhao said the tax rate will likely be the cause for India’s crypto industry to be stifled. For instance, on WazirX, India’s largest crypto exchange by …

Crypto india regulation tax income tds understand sector first why others should take note
2 years, 7 months ago

Crypto india regulation tax income tds understand sector first why others should take note

ABP News  

Cryptocurrencies have been in the spotlight ever since the Supreme Court removed the blanket ban on them in early 2020. India, despite being a late entrant, embraced the crypto world with open arms and today there are as many as 27 million Indians who hold crypto assets, largely from Tier II and Tier III cities. A close observation of the …

Crypto Winter, Tax Rules Cast Shadow on India Business; Can They Still be Called Safe?
2 years, 8 months ago

Crypto Winter, Tax Rules Cast Shadow on India Business; Can They Still be Called Safe?

News 18  

Indian investors had readily accepted cryptocurrency as a brilliant means to invest especially after the Bitcoin boom that happened a few years back. With its not-so-accepting approach to cryptocurrencies, the government during Budget 2022 inserted a new Section under the Income Tax Act, whereby income from virtual digital assets would be taxable at the rate of 30 per cent, while …

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 …

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 …

Crypto tax in India: Cryptocurrency investors must know these big changes
2 years, 11 months ago

Crypto tax in India: Cryptocurrency investors must know these big changes

India Today  

In good news for cryptocurrency investors, the government would come up with a list of frequently asked questions on taxation of cryptocurrencies to provide a clarification on the applicability of income tax and Goods and Services Tax on virtual digital assets, according to a PTI report. The Department of Economic Affairs, the Revenue Department and the Reserve Bank are working …

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 …

This is how cryptocurrency assets will be taxed from April 1 in India. 10 points
2 years, 11 months ago

This is how cryptocurrency assets will be taxed from April 1 in India. 10 points

Live Mint  

Cryptocurrency assets will be taxed: From 1st April 2022, some changes in the income tax rules announced by Finance Minister Nirmala Sitharaman while presenting Union Budget 2022 will get implemented. Nirmala Sitharaman in the Union Budget 2022 announced that “any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent.” “The new …

New income tax rules: Know major changes in ITR from April 1
2 years, 11 months ago

New income tax rules: Know major changes in ITR from April 1

India Today  

The Central Board of Direct Taxes will be introducing a slew of major changes to the income tax from April 1 under the Income-tax Rule 2021. While the crypto taxation to be introduced from April 1 has been the prime point of concern among many, the government has also incorporated some changes in filing of updated returns, new tax rules …

Crypto Tax rules in India: How will cryptocurrency assets be taxed from April 1?
2 years, 11 months ago

Crypto Tax rules in India: How will cryptocurrency assets be taxed from April 1?

India Today  

Cryptocurrency investors in India will have to pay tax under the new scheme for Taxation of Virtual Digital Assets from April 1. Financial Minister Nirmala Sitharaman in the Union Budget 2022 announced that "any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent." The minister also added that in order to …

Crypto tax rules: Should you sell your crypto assets before Mar 31?
3 years 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 Mining Cost Not To Be Allowed As Deduction Under I-T Act: Minister of State for Finance Pankaj Chaudhary
3 years ago

Crypto Mining Cost Not To Be Allowed As Deduction Under I-T Act: Minister of State for Finance Pankaj Chaudhary

ABP News  

New Delhi: Infrastructure cost incurred in the mining of cryptocurrencies or any virtual digital assets will not be allowed as deduction under the income tax act, Minister of State for Finance Pankaj Chaudhary said on Monday. In a written reply to the Lok Sabha, Chaudhary said the government will come out with a definition of virtual digital assets with a …

Crypto tax in India explained: How much you may have to pay, tips to prepare
3 years, 1 month ago

Crypto tax in India explained: How much you may have to pay, tips to prepare

India Today  

India has nearly 15-20 million cryptocurrency with total crypto holdings of above $5 billion which shows vast interest among crypto investors. Crypto investors will have to pay 30 per cent tax on their profits. This 30 per cent tax on profit also takes into account a 1 per cent Tax Deducted at Source deposited by the facilitator, exchanges, or a …

Cryptocurrency: RBI and govt on the same page, says FM Sitharaman
3 years, 1 month ago

Cryptocurrency: RBI and govt on the same page, says FM Sitharaman

Live Mint  

Cryptocurrency: Finance Minister Nirmala Sitharaman on Monday said there is complete harmony between the central government and the RBI and that they are on the same page on cryptocurrency. The finance minister said that the Centre and the RBI are working in complete harmony on nut just on cryptocurrency but on every other thing as well. “With RBI and Ministry, …

Budget 2022: Implications of crypto tax regime on common investor
3 years, 1 month ago

Budget 2022: Implications of crypto tax regime on common investor

Firstpost  

After months of speculation and waiting, the crypto ecosystem finally has a nod from the Government of India albeit in terms of a tax regime. With crypto being accorded the highest tax slab for any asset class at 30 percent and the implementation of a 1 percent TDS on bigger trades, investors may feel the pinch if they react to …

Government has sovereign right to tax profit made from cryptocurrency transactions, says finance minister
3 years, 1 month ago

Government has sovereign right to tax profit made from cryptocurrency transactions, says finance minister

Firstpost  

Nirmala Sitharaman said ‘banning or not banning cryptocurrency would come subsequently’ while answering questions posed about the Union Budget in Rajya Sabha New Delhi: Finance Minister Nirmala Sitharaman on Friday said the government has sovereign right to tax profit made from cryptocurrency transactions, and the decision on banning or not banning will be taken based on feedback from consultations. About …

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. …

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