Can Your Diwali Gifts Be Taxed? Check Here For More Details
1 year, 1 month ago

Can Your Diwali Gifts Be Taxed? Check Here For More Details

ABP News  

Exchanging gifts during Diwali has become an integral tradition, adding a touch of joy to the festival. Navigating the Tax Landscape The Income Tax Act delineates the taxation of gifts based on their value and the donor. The Crypto Conundrum During Diwali With the rise of cryptocurrencies, it's imperative to understand the taxation implications of gifting virtual digital assets. In conclusion, while the act of giving and receiving gifts during Diwali is a cherished tradition, it is essential to remain aware of the tax implications, especially in the evolving landscape of digital assets and cryptocurrencies. Recipients of such gifts must report them under the IFOS section in the Income Tax Return and pay tax at applicable slab rates.

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Gifting NFTs, Crypto, VDAs This Diwali? Recipients Can Be Taxed On Certain Items. Know More
2 years, 2 months ago

Gifting NFTs, Crypto, VDAs This Diwali? Recipients Can Be Taxed On Certain Items. Know More

ABP News  

Exchanging gifts during Diwali has become part and parcel of the festival as it brings a smile to our face. Certain gifts received can attract tax under the existing Income Tax law. Crypto tax Finance Minister Nirmala Sitharaman in her Union Budget speech this year announced that from April 1 all forms of VDA or crypto assets that are sold …

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