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

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 …

Tax

Tax implications of minting NFTs

What is the difference between the painting of Mona Lisa displayed at the Louvre and its replica sold at various gift shops? As per the amendment, a digital artist who transfers his digital art through an NFT route is unreasonably taxed at a much higher rate as compared to other artists. Computation of taxable income Generally, income received by artist …

Taxable Income

India budget 2022: India announces 30% tax on all cryptocurrencies and NFTs

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy India has imposed a 30 per cent tax on any income from the …

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

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. …

Proposal to impose GST on cryptocurrencies, NFTs being examined by Tax Research Unit to plug revenue loss Transfer, storage, supply, exchange, management, trade and creation may be treated as services Exchanges might pass on tax liability to customers GST rate of 18% might apply Framework to tax the use of blockchain also likely to be drawn up The government is …