FAQs on crypto tax: No set off against losses, 1 per cent TDS, what it means for you
2 years, 10 months ago

FAQs on crypto tax: No set off against losses, 1 per cent TDS, what it means for you

India Today  

The Finance Minister Nirmala Sitharaman on Tuesday announced that digital assets will be taxed in India. Ever since Nirmala Sitharaman’s Budget 2022 speech, there have been a lot of questions around crypto tax. By imposing 30 per cent tax on cryptocurrencies, the government wants to discourage crypto investments, believes Jitender Solanki, Sebi registered Financial adviser. whether it will be restricted to only cryptocurrencies or will also include Non-fungible tokens and such other types,” Saurrav Sood, Practice Leader, International tax, SW India told India Today Tech. Soon after her Budget 2022 presentation, finance minister addressed a press conference where she clarified that all crypto transaction that take place will be subject to a 1 percent tax deductible at source.

Finance India Tax Pay Cryptocurrencies Cent Set Digital Assets Tds Taxed Crypto Tax Crypto Income  india  rs  cryptocurrencies  faqs  finance  set  losses  tds  tax  means  pay  taxed  crypto  income  cent

History of this topic

Cryptocurrency tax in India: Know how much you will have to pay on Crypto investments
1 week, 6 days 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 …

Tax authority possibly missing out on almost €80 million due to hidden Bitcoin currency
2 weeks, 6 days ago

Tax authority possibly missing out on almost €80 million due to hidden Bitcoin currency

NL Times  

The Dutch Tax Authority may be missing out on dozens of millions of euros because of the explosive increase in Bitcoin this year. Despite this, the Tax Authority has a “limited view” on the size of the group of Bitcoin owners who wrongly do not file a tax return, a spokeswoman said. "They may face a fine of 300 percent …

Invested in cryptos this year? You will have to pay tax at this rate…
5 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
5 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 …

Opinion: It’s a miracle most Americans pay their taxes. Crypto could upend that norm
1 year, 8 months ago

Opinion: It’s a miracle most Americans pay their taxes. Crypto could upend that norm

LA Times  

One of the many questions raised by cryptocurrency is how to tax this new world of digital assets. Effective crypto taxation promises substantial revenues: The new broker-dealer reporting requirements alone could raise an estimated $28 billion within the next decade. One explanation is tax morale: the nonrational reasons that people choose to file and pay, including social norms and the …

TDS on crypto payments: All your questions on 1% tax rule answered
2 years, 5 months ago

TDS on crypto payments: All your questions on 1% tax rule answered

Live Mint  

Crypto investors are facing a hard time as they move from one setback to another. The Central Board of Direct Taxes has released a set of guidelines to clear the doubts that tax payers and crypto investors may have with regards to TDS on virtual digital Assets. It is an individual or Hindu undivided family who does not have any …

TDS On Crypto Assets From July 1: Income Tax Dept Issues Guidelines; Know Rules Here
2 years, 6 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 …

ITR filing: Income tax rules for crypto, virtual digital assets you should know
2 years, 8 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 in India: How will cryptocurrency assets be taxed from April 1?
2 years, 8 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 …

ITR column for Cryptocurrency Income: All you need to know
2 years, 10 months ago

ITR column for Cryptocurrency Income: All you need to know

India Today  

Income tax return forms from next year will feature a separate column for making disclosures on gains made from cryptocurrencies and paying taxes. GAINS FROM CRYPTOCURRENCIES Revenue Secretary Tarun Bajaj said gains from cryptocurrencies were always taxable and what the Budget proposed is not a new tax but providing certainty over the issue, according to a PTI report. CRYPTO COLUMN …

Crypto Tax: Pay income tax for cryptocurrency transactions done before April 2022
2 years, 10 months 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 …

Crypto Tax Proposed in Budget 2022 Explained: How and When you have to Pay Tax on Crypto
2 years, 10 months 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 …

How cryptocurrencies are taxed around the globe
2 years, 10 months ago

How cryptocurrencies are taxed around the globe

India Today  

Finance Minister Nirmala Sitharaman on Tuesday announced that any income from cryptocurrencies will be taxed at 30 per cent. If your crypto is taxed as a capital gain, you'll only pay Capital Gains Tax on half of any profits of a crypto transaction. Instead, your crypto will either be subject to Capital Gains Tax or Income Tax. Germany Cryptocurrency is …

Union Budget 2022: India introduces 30% cryptocurrency tax; how it will affect you
2 years, 10 months 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 …

Dear Indians, value of cryptocurrencies you hold is now down by 30 per cent as govt moves to take its cut
2 years, 10 months 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 …

Taxing cryptocurrency transactions
2 years, 11 months ago

Taxing cryptocurrency transactions

The Hindu  

Notwithstanding the eventual introduction of the Cryptocurrency and Regulation of Official Digital Currency Bill in Parliament, cryptocurrencies continue to proliferate. Although the Income Tax Act, 1961 does not specifically mention cryptocurrencies, it does cast a wide enough net to bring crypto transactions under its ambit. Even if one argues that crypto transactions do not fall under the above heads, Section …

Discover Related