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Articles for Vda, search results for tax

Crypto industry 'disappointed' as it finds no mention in Budget
5 months ago

Crypto industry 'disappointed' as it finds no mention in Budget

New Indian Express  

BENGALURU: The crypto industry, which has been seeking a reduction in the rate of TDS on the transfer of VDAs from 1% to 0.01%, remained disappointed with the Budget as there was no mention of crypto or VDAs in Finance Minister Nirmala Sitharaman's speech. Dilip Chenoy, Chairperson, Bharat Web3 Association, said they will continue to push for rationalization of the …

Industry Budget Crypto Tds Vda Crypto Industry
Decoding crypto reporting requirements in new income tax return forms
1 year, 6 months ago

Decoding crypto reporting requirements in new income tax return forms

Live Mint  

The government has finally, via the Finance Act of 2022, included taxation of cryptocurrencies or virtual digital assets in the Income Tax Act and laid out some key aspects around how much tax one has to pay on the gains, whether losses can be set off and which expenses to claim as deduction from gains arising from the sale of …

Tax Sale Income Itr Return Taxpayer Reporting
TDS on Cryptos: Know How Much Govt Has Earned So Far
1 year, 8 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 …

Tax 1 Per Cent Vda
Budget 2023-24 Expectation: Need for clarity on equalisation levy; higher tax on virtual digital assets
1 year, 10 months 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 …

India Budget Online Pan Levy Nft Digital Assets
Budget 2023: Income Tax Relief Measures That Corporates, Individuals Expect
1 year, 11 months ago

Budget 2023: Income Tax Relief Measures That Corporates, Individuals Expect

News 18  

As Finance Minister Nirmala Sitharaman prepares to present the Union Budget 2023-24 on February 1, 2023, expectations abound, especially as this will be the last budget before the 2024 general elections. Corporate Expectations Tax Deduction at Source 1) Benefits or perquisites Many interpretational issues have emerged on TDS provisions on benefits or perquisite since their introduction in the Finance Act …

Budget Income Tax Expect Mat Tds Vda Tds Obligation
Budget 2023: What Awaits The Crypto Sector? Everything You Need To Know
1 year, 11 months ago

Budget 2023: What Awaits The Crypto Sector? Everything You Need To Know

ABP News  

The 2023 Union Budget is nearly here and the biggest question that’s haunting the mind of crypto enthusiasts is simple — how will the Finance Ministry treat the virtual digital assets sector this time around? While 2022 saw several important milestones for the crypto sector, from the taxation of gains to the introduction of a central bank digital currency, the …

India Financial Budget Assets Digital Cryptocurrencies Sector
WIll Crypto-Asset Reporting Framework bring clarity for investors?
2 years, 1 month ago

WIll Crypto-Asset Reporting Framework bring clarity for investors?

Live Mint  

Transactions in cryptocurrency have increased manifold. The OECD defines crypto assets as a digital representation of value that relies on a cryptographically secured distributed ledger or a similar technology to validate and secure transactions. The framework provides guidance on various aspects of entities and individuals, subject to data reporting responsibility and data collection requirements, types of transactions covered, and relevant …

India Tax Information Crypto Assets Digital Digital Assets
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 …

Tax Digital Diwali Income Digital Assets 30 Per Cent Nfts
Crypto Tax In India: A Tale Of Control Or Caution?
2 years, 4 months ago

Crypto Tax In India: A Tale Of Control Or Caution?

ABP News  

Cryptocurrency gains face a tax of 30 percent in India. The taxation of cryptocurrencies is also considered a way to legitimise crypto assets in India, without banning them outright, allowing investors and traders to continue dealing with crypto without much worry. Compared to some countries, India’s tax structure might seem a little bit more relaxed, whereas compared to some other …

Taxation Tax Capital Tds Cbdc 1 Percent Considered
Tax withholding on virtual digital assets
2 years, 5 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 …

Tax Transfer Payment Person 2022 Inr Tds
TDS Rules On Cryptocurrencies Effective From Today; Know How These Rules WIll Work
2 years, 5 months ago

TDS Rules On Cryptocurrencies Effective From Today; Know How These Rules WIll Work

News 18  

The rules regarding the tax deducted at source on virtual digital assets and cryptocurrencies have come into effect from Friday. The rules make it mandatory for the purchaser of a VDA to deduct 1 per cent of the amount paid to the seller as income tax deducted at source. The new section mandates a person, who is responsible for paying …

Tax Rules Person Deduction Tds Cbdt Vda
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 …

Tax Crypto Payment Person Tds Deducted Vda
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 …

Tax Transfer Value Sum Deduction Tds Exchange
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 …

India Tax Income Tax Transfer Digital Income Virtual
Crypto tax rules: Should you sell your crypto assets before Mar 31?
2 years, 8 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 …

Finance Tax Cryptocurrency Crypto Indian Assets Digital
Lok Sabha passes Finance Bill
2 years, 8 months ago

Lok Sabha passes Finance Bill

Deccan Chronicle  

New Delhi: The Finance Bill 2022, moved by finance minister Nirmala Sitharaman, was passed in the Lok Sabha on Friday. The government has reportedly proposed 39 amendments to the Finance Bill, 2022, including changes to the crypto tax structure; penalty provisions on publication of import-export data and status of past income computations that claimed deduction of disallowed cess and surcharges. …

Tax Crypto Lok Sabha Bill Finance Bill Vda
Cryptocurrency tax, bill in India: What we know so far
2 years, 8 months 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 …

India Tax Cryptocurrency Pti Bill 2022 Tds
Crypto Tax in India: Date, income tax, ITR form, TDS, deduction | Key points
2 years, 9 months 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 …

Tax Crypto Assets Income Tax Transfer Digital Income