Finance : Explore how cryptocurrencies are used for money laundering, the challenges faced by law enforcement, and the global regulatory res...
Income Tax : Understand Section 194S of the Income Tax Act, 1961. Learn about TDS on transfer of virtual digital assets (VDA), thresholds, tax ...
Finance : This guide provides practical tips and tools to help you stay ahead, ensuring you never miss a beat in the fast-paced world of fin...
Finance : Balancing dividend yield and growth stocks in your portfolio blends stability with opportunity. Dividend stocks provide reliable i...
Income Tax : Explore recent tax amendments affecting digital & crypto assets, implications for investors & businesses, and strategies for compl...
Finance : Financial Intelligence Unit India issues compliance notices to 9 offshore Virtual Digital Assets Service Providers. Ministry of Fi...
Finance : Learn about the Indian Government's approach to regulating and taxing cryptocurrencies issued by private agencies. Explore the cur...
Income Tax : Direct tax deducted at source from transfer of Virtual digital Assets aggregates to Rs. 157.9 crore upto 20th March 2023 for FY 20...
Finance : Crypto Assets are borderless, require international collaboration to prevent regulatory arbitrage Under PMLA, Rs. 936 crore relate...
Finance : Currently, crpyto assets are unregulated in India. The government does not register crypto exchanges. Crypto assets by definition ...
Income Tax : Assessee to satisfy the authority by submitting Crypto currency ledger to verify information as was submitted by him before AO in ...
Corporate Law : Tata Sons Private Limited Vs Hakunamatata Tata Founders (Delhi High Court) The plaintiff is a company incorporated in India. Thoug...
Finance : Grant of bail was refused as applicant did not return the amounts due to the complainants and there was a breach of trust and fait...
Finance : B V Harish Vs State of Karnataka (Karnataka High Court) In this case Karnataka High Court quashed and set aside a criminal case ...
Goods and Services Tax : Explore key changes in CGST (Amendment) Bill 2023, focusing on taxability of casinos, horse racing, and online gaming. Understand ...
Corporate Law : Central Government hereby notifies that the following activities when carried out for or on behalf of another natural or legal per...
Income Tax : Notification No. 75/2022- (Income-tax) | Dated: 30th June, 2022– CBDT specifies a token which qualifies to be a virtual digi...
Income Tax : Central Government hereby notifies following virtual digital assets which shall be excluded from the definition of virtual digital...
Income Tax : Amendment of Income Tax rule 31A and insertion of Form No. 26QF (Quarterly statement of tax deposited in relation to transfer of v...
In 2014, the IRS issued Notice 2014-21, 2014-16 I.R.B. 938 explaining that virtual currency is treated as property for Federal income tax purposes and providing examples of how longstanding tax principles applicable to transactions involving property apply to virtual currency. With our income tax authorities going to bite virtual currency as explained in the recent budget […]
The Indian Government has been thoroughly focussing on digitalisation as part of it’s India governance. Be it the Digital India programme and integration of ministries on digital platforms or mandating data localisation in India, the Government does not seem to be leaving any stone unturned to embrace technological developments and innovations to the fullest. The […]
Due to the increase in the frequency and volume of transactions of Virtual Digital Assets, for the First Time, the provision for the taxation of virtual digital assets is introduced in Budget 2022, bringing Cryptocurrencies & Non-Fungible Tokens (NFTs) under a tax net.
What is a Virtual Digital Asset, how will it be taxed and what are the various uncertainties affecting it’s taxation? Amidst the craze and fanfare of cryptocurrencies and NFTs, while the crypto and NFT traders, investors and enthusiasts were consumed in experiencing the daily ups and downs of the market, the Govt of India has […]
In Budget 2022, the government has officially termed digital assets including crypto assets under ‘Virtual Digital Assets’ (VDA’s) comprising of all the cryptos such as Bitcoin, Ethereum etc, and other digital assets such as Non-fungible tokens (NFTs).
Finance Minister Smt. Nirmala Sitaraman has announced the introduction of Digital Currency into the Indian Economy in Budget 2022. It would be Central Bank Digital Currency (CBDC). RBI will bring this New Format of Currency in the Upcoming Financial Year. CBDC is a big move for the Indian Economy and India will become the first […]
The Budget 2022 has witnessed a renewed push for digital India – be it digital rupee, e-passport, e-Vidya, digitization of land records, digital banking, digital universities, the Government has laid out a digital vision towards new India. The Government has rightly always sought to immerse technology in the optimum manner in it’s pursuit towards ease […]
What are Virtual digital assets Clause 47A has been introduced under section 2 of the Act which defines Virtual Digital Assets. ‘(47A) “virtual digital asset” means– (a) any information or code or number or token (not being Indian currency or foreign currency), generated through cryptographic means or otherwise, by whatever name called, providing a digital […]
The Finance Minister in Budget 2022 announced a 30 percent tax on income resulting out of transfer of digital assets and loss if any, won’t be set off against any other income. This provision was necessary to keep a check on money that was flowing in cryptocurrency market. Although, the cryptocurrency now falls under tax […]
Taxation of virtual digital assets- Union Budget 2022 Hello readers, Today I will discuss taxation of virtual digital asset in simplified manner- As we know new scheme of taxation has been introduced for virtual digital asset in the Finance Bill. What is virtual Digital Asset? ‘’Virtual Digital Asset’’ means any information or code or number […]
