Blockchain & crypto news from India
The government is planning to roll out the Finance Bill which will regulate all virtual assets including cryptocurrencies. They are developing an FAQ on the taxation of the same. As per a recent report, these FAQs will provide users a proper clarification in a distinctive way on the applicability of income tax and GST on…
On 1st February, while announcing the Budget 2022, Finance Minister Nirmala Sitharaman announced something unexpected. Sitharaman said income from the virtual or digital assets (cryptocurrency) will be taxed at @30%. In addition, @1% TDS (tax deducted at source) will also be levied by the government on these investments. The 30% taxation is retributive tax, harshly…
The upcoming Union Budget is expected to bring transparency regarding regulatory ambiguity related to the cryptocurrency sector. Initial highlights of the recommended crypto bill indicate the SEBI’s role in regulating crypto as an investment asset in capital markets, with the Reserve Bank of India supervising the foreign exchange and wider monetary aspects. Jurisdictional transparency in…
Cryptos have been a hot topic lately. But there is a huge awareness gap about this space that requires to be bridged. The Crypto World Expo is expected to do that. It is a recurrent event for today’s crypto and blockchain community. Its 5th summit is going to take place in March 2022 in Poland,…
The government is aiming to define cryptos in the latest draft bill that also suggests to categories cryptos on the basis of their use cases. According to reports, cryptos will be regarded as a commodity/asset for all reasons, including taxation and according to use case – investment, payments or utility. This would be the first…
The tax department and buyers are in a dilemma over how to calculate profits on crypto for taxation purposes, especially since tax regulations lurch and there exist disagreement against specific laws and tax is computed on the value declared by the assessee. The big query that’s worrying all is how the profits from crypto assets…
Jackson Palmer, co-founder of dogecoin slams crypto and insisted that he shall maintain a distance from the hysteria, calling it ‘an inherently right-wing, hyper-capitalistic technology’ designed to increase the riches of its supporters. He yelled against the crypto world and the ‘wealthy’ associated with it. On Wednesday, he posted on his Twitter page that the…
The publicity around Paraguay emerging as the 2nd country to legalizing Bitcoin has doing rounds since El Salvador announced crypto as legal tender the previous month. But, a leaked draft of the cryptocurrency bill that Paraguayan congressman Carlos Rejala intends to present in the Chamber of Deputies – similar to Lok Sabha in India –…
There is hype around the world regarding cryptocurrency. The virtual currency is enjoying a love-hate relationship with some nations. Having said that, there are many crypto-friendly countries where virtual currency has been a center of attraction. It’s been used as a mode of payment, long-term investment option and trading. Besides this, crypto coins like Ethereum…