Income Tax : Section 115BBH imposes a 30% tax on gains from virtual digital assets, with no set-off of losses. Investors must compute and repor...
Income Tax : The issue was how cryptocurrency income is classified for tax purposes. The framework holds that transfers fall under a dedicated ...
Income Tax : Learn about India's tax regime for Virtual Digital Assets (VDAs) including cryptocurrencies and NFTs. Understand the 30% flat tax,...
Income Tax : A summary of India's tax framework for Virtual Digital Assets (VDAs), including the flat 30% tax on gains, 1% TDS, and the ITAT ru...
Income Tax : Through tax laws on Virtual Digital Assets (VDAs) like cryptocurrencies and Non-Fungible Tokens (NFTs), India has initiated the pr...
Finance : Learn about the Indian Government's approach to regulating and taxing cryptocurrencies issued by private agencies. Explore the cur...
Income Tax : Finance Bill, 2022 (the Bill) has proposed to insert section 115BBH to the Income-tax Act,1961 (the Act) to provide for taxation o...
Income Tax : The dispute examined whether loan interest used to buy virtual digital assets could be deducted. The ruling held that such interes...
Income Tax : Appeal by Anantpur Kalpana against CIT(A) order on demonetized notes. Cash deposits treated as unexplained credits. Learn about do...
Learn about the Indian Government’s approach to regulating and taxing cryptocurrencies issued by private agencies. Explore the current status of cryptocurrency regulation, taxation of Virtual Digital Assets (VDAs), international collaboration, and potential collaboration with state governments.
Explore the intricate world of tax compliance in the realm of virtual digital assets (VDA). Delve into the provisions of section 115BBH introduced by the Finance Act 2022, covering aspects like taxable income, deduction limitations, and non-transferability of losses. Navigate through the taxation landscape of Airdrops, Gas Fees, and Initial Coin Offerings (ICOs), unraveling the complexities and potential tax implications.
Navigate the realm of TDS on Virtual Digital Assets (VDA) with insights into section 194S introduced in the Finance Act, 2022. Learn about applicable thresholds, tax deduction nuances, and the recent introduction of section 115BBH. Stay compliant and informed in the dynamic landscape of digital asset transactions.
Appeal by Anantpur Kalpana against CIT(A) order on demonetized notes. Cash deposits treated as unexplained credits. Learn about double taxation issues
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).
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 […]
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.
The proposed section 115BBH seeks to provide that where the total income of an assessee includes any income from transfer of any virtual digital asset, the income tax payable shall be the aggregate of the amount of income-tax calculated on income of transfer of any virtual digital asset at the rate of 30%
