Finance : Investors with diversified portfolios are always looking for a new asset class or type to increase their profitability, and crypto...
Income Tax : The article explains the taxation framework for cryptocurrencies, NFTs, and other VDAs under Sections 115BBH and 194S. It highligh...
Finance : The article explains that each crypto card transaction is treated as a taxable transfer of virtual digital assets under Indian tax...
Corporate Law : The court recognized cryptocurrency as property, but lack of statutory clarity leaves companies uncertain about holding, accountin...
Income Tax : The law replaces Form 26QE with Form 141 for VDA transactions from April 2026. Taxpayers must follow the new challan-cum-statement...
Finance : The Finance Ministry highlighted regulatory and enforcement challenges posed by VDAs, including crypto assets. Measures such as 30...
Finance : In a Lok Sabha response, the government clarified its stance on VDAs, stating no plans to revise crypto taxes or launch ETFs, whil...
Corporate Law : Crypto not yet regulated in India; FIU monitors VASPs under PMLA. 1% TDS applies to VDAs. RBI issues advisories on crypto risks; n...
Income Tax : India's Finance Ministry details VDA/cryptocurrency tax revenue, compliance tools, and official training, addressing tax evasion c...
Finance : CBI conducts searches across India in the GainBitcoin scam, seizing digital evidence and crypto wallets to trace misappropriated f...
Income Tax : ITAT Delhi condoned a 333-day delay in filing appeal after finding the reasons stated by the assessee to be bona fide. The matter ...
Corporate Law : Allahabad High Court dismisses plea to quash FIR against Mahendra Pratap Srivastava ('Zoom Baba') in Ruby Coin crypto fraud, citin...
Income Tax : "ITAT Jodhpur rules Bitcoin gains as long-term capital gains (LTCG) and allows Section 54F deduction for AY 2021-22. Read the deta...
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...
Income Tax : The notification expands reporting rules to include central bank digital currencies, electronic money products and relevant crypto...
Income Tax : Government initiatives under PMLA and Black Money Act target undisclosed crypto income, enhancing monitoring, enforcement, and com...
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...
There are many changes in the tax rules effective 1st April 2022, Out of which I am going to discuss are New tax rules on EPF Interest, Taxation of Virtual Digital Assets, Filing of Updated IT Return and Tax relief on Covid-19 treatment expenses and compensation. 1. New tax rules on EPF Interest: Effective April 1, […]
Reserve Bank of India (RBI) has not proposed any mechanism for trading of crypto assets and Cryptocurrency sector is unregulated. The legal framework for the sector may be finalised only after all aspects are carefully examined in consultation with stakeholders concerned.
Finance Bill, 2022 (the Bill) has proposed to insert section 115BBH to the Income-tax Act,1961 (the Act) to provide for taxation of income from transfer of virtual digital assets (VDA).
Cryptocurrencies have gained a lot of traction in recent times in India which is home to one of the largest markets for cryptocurrencies in the world. According to a report, the country currently ranks second in cryptocurrency adoption.
Cryptocurrency is a form of virtual digital asset which is designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of assets. It has become one of the fastest upcoming modes of investment. Crypto refers to the various algorithms and techniques that safeguard these entries such […]
Budget 2022 was an interesting Budget. There were different expectations from various stakeholders of the Indian Economy. While Salaried individuals expect an increase in the threshold limit of deductions available under Section 80C, 24(b), HRA and the like, business class expect operational reforms in the areas pertaining to indirect taxes. While MSMEs expect increased support […]
Cryptocurrencies threaten the financial sovereignty of a country and make it susceptible to strategic manipulation by private corporates creating these currencies or Governments that control them. All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India.
Cryptocurrency, Nonfungible tokens (NFT) or legally known as Digital Assets are the new and the fastest upcoming modes of investment which have taken the world by storm. During the past few years there are multiple platforms from which one can invest in such digital assets in India and everyone is attracted towards this new form […]
Scheme for taxation of virtual digital assets Virtual Digital Assets, especially cryptocurrencies & Non-Fungible Tokens (NFTs), have gained tremendous popularity in recent times and the volumes of cryptocurrency trading has increased substantially. With a view to bring clarity for taxation of such assets, provisions to define such assets, provide for the taxation from income arising […]
Articles explains the definition of virtual digital asset u/s 2(47A) , the taxability of virtual digital asset u/s 115BBH, the TDS provision u/s 194S and the proposed amendment u/s 56(2)(X) of the Act. Meaning of Virtual Digital Asset Finance Bill, 2022 has proposed to inset a new clause (47A) to section 2 of income tax […]
