bitcoin

These Eight Rules Changing From April Will Have Direct Impact On Your Pocket

These Eight Rules Changing From April Will Have Direct Impact On Your Pocket

Tax on PF account From April 1, the existing PF account can be divided into two parts, which will also be taxed. According to the rules, there will be no tax on contribution up to Rs 2.5 lakh in PF account. Interest earned on contributions above this will be taxed. GST e-Invoicing The Central Board …

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Cryptocurrency: Businessman Arrested For Cheating 900 Investors, Court Sent to ED Custody Till March 31

Cryptocurrency: Businessman Arrested For Cheating 900 Investors, Court Sent to ED Custody Till March 31

The Enforcement Directorate (ED) has arrested accused businessman Abdul Ghafoor from Kerala for duping people by luring them with three to five per cent returns per day by investing in cryptocurrencies. Gafoor was sent to ED custody till March 31 by the court. In this case, about 1200 crore rupees were cheated from 900 investors. …

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New Year Update: Tax On Earnings From Crypto

New Year Update: Tax On Earnings From Crypto

A major change from the first day of the new financial year i.e. April 1, 2022 is the tax on cryptocurrencies. In the Budget 2022-23, Finance Minister Nirmala Sitharaman had announced a 30 percent tax on all virtual digital assets or crypto assets. Under this, if the investor gains on selling crypto assets, he will …

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Alert: Government is Preparing To Bring Cryptocurrencies Under GST

Alert: Government is Preparing To Bring Cryptocurrencies Under GST

Now cryptocurrencies can also be brought under the purview of GST. The government is working on classifying cryptocurrencies as goods or services under the GST law to tax the entire value of transactions. At present, only services provided by crypto exchanges attract 18 per cent GST and are classified as financial services. GST officials say …

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No Plan To Start Regulated Cryptocurrency: Government

No Plan To Start Regulated Cryptocurrency: Government

The government clarified on Tuesday that it has no plans to introduce a cryptocurrency regulated by the RBI. Minister of State for Finance Pankaj Choudhary expressed the government’s opinion in a written reply to a question on cryptocurrencies in the Rajya Sabha. He said that currently cryptocurrencies are completely unregulated in the country and RBI …

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Ignore Social Media Romours On Infosys's Crypto Project: Nandan Nilekani

Ignore Social Media Romours On Infosys’s Crypto Project: Nandan Nilekani

Since the imposition of tax on cryptocurrencies in the Union Budget of the country, various types of news are going on about it on social media. There are many types of misleading news going on regarding this, which is being spread with the aim of duping the investors.  Infosys co-founder Nandan Nilekani also denied a …

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All About Cryptocurrency Taxation Introduced in Budget 2022

All About Cryptocurrency Taxation Introduced in Budget 2022

Virtual Digital Assets (VDA) Defined (Section 2(47A) A new section 2(47A) is proposed to be inserted by Finance Bill’2022, which defines virtual digital assets to mean any information or code or number or token (not being Indian currency or any foreign currency) generated through cryptography which provides a digital representation of value exchanged with or …

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Cryptocurrency is Like Gambling, Tax Has To Be Paid Like Gambling Earnings: Finance Secretary

Cryptocurrency is Like Gambling, Tax Has To Be Paid Like Gambling Earnings: Finance Secretary

Various cryptocurrencies are currently in a gray area. Buying and selling crypto currency is not illegal. We have now designed the taxation framework to treat crypto assets for taxation like earnings from horse racing, gambling and other speculative transactions. According to Finance Secretary TV Somanathan, “The government is working towards enacting a law to regulate …

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Complete Summary Of Union Budget 2022-23

Complete Summary Of Union Budget 2022-23

Analysis points of Union Budget 2022-23 Focus on promoting the digital economy We are hopeful that India will continue its growth journey: FM LIC IPO expected to come soon The foundation of the next 25 years will be given from this budget 16 lakh employment opportunities from self-reliant India Expected economic growth to be 9.2% …

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Expectations For Individuals in Union Budget 2022-23

Expectations For Individuals in Union Budget 2022-23

The Finance Minister has committed to draw more attention towards demand generation, job creation, and stabilizing the Indian economy. These expectations highlight the loopholes, conflicts, and asymmetry within the provisions of the Income-tax Act, 1961 (“Act”) that needs to be looked into and considered in the coming budget to bring clarity in the law and …

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Research paper on Cryptocurrencies in India

Research Paper On Cryptocurrencies in India

Introduction Cryptocurrency is a digital currency which is created and managed through use of cryptography as encryption technique. The cryptocurrency which has captured most of the attention is Bitcoin. Bitcoin was launched in the year 2009 by a group whose pseudo name was Satoshi Nakamoto. In recent times, Bitcoin has created a huge hype in …

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Guide to Taxation of Crypto Currencies in India

In India, cryptocurrencies have become a rage. The country is said to have the second-highest adoption rate. The spurt has caught the government’s attention, and according to media reports, the government is mulling taxing blockchain ecosystems, which include cryptocurrencies and non-fungible tokens (NFTs). Currently, there are no specific guidelines regarding the taxation of Crypto Currencies …

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Today Only One Cryptocurrency is Making Profit. Know The Name!

Today Only One Cryptocurrency is Making Profit. Know The Name!

The crypto currency market is in great discussion these days. People had taken it as the easiest way to become rich. But suddenly due to the strictness of the governments of many countries around the world, the rates of many cryptocurrencies from bitcoin have gone downhill. Although the rates of many cryptocurrencies are still going …

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Breaking: Cryptocurrency Will Not Be Recognized in The Country- Nirmala Sitharaman

Breaking: Cryptocurrency Will Not Be Recognized in The Country- Nirmala Sitharaman

If you invest in the world’s most popular cryptocurrency, Bitcoin, then you may get a big setback. In fact, Finance Minister Nirmala Sitharaman said in her reply in the Lok Sabha on 29 November 2021 that there is no proposal to recognize bitcoin as a currency in India. Also told the House that the Government …

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Bill Seeking Ban On Private Cryptocurrencies Among 26 Proposed Laws Listed By Govt For Parliament's Winter Session

Bill Seeking Ban On Private Cryptocurrencies Among 26 Proposed Laws Listed By Govt For Parliament’s Winter Session

By: PTI The government on Tuesday listed 26 bills for the upcoming session of Parliament, including one to repeal the three contentious farm laws and another to ban all but a few private cryptocurrencies while allowing an official digital currency by the RBI. According to the Centre’s legislative business list for the upcoming session, three …

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Demystifying Crypto Currency: Part-1

Demystifying Crypto Currency: Part-1

TRADITIONAL MONEY SYSTEM, CRYPTOGRAPHY AND BLOCK CHAIN TECHNOLOGY Introduction Cryptocurrency, or “cryptos” as we may now refer to them for the sake of brevity, are around us since more than a decade. But what is crypto-currency? A cryptocurrency is a form of digital asset secured by cryptography, based on a network that is distributed across …

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CRYPTOCURRENCY

How Income Tax Rule Applies on Your Cryptocurrency Gains- Explained

The Reserve Bank of India (RBI) has not yet granted legal tender status to bitcoin and other cryptocurrencies. But, fast emerging cryptocurrency trading platforms in India are enough to indicate the rising number of Indians investing in the virtual tender. When there is investment, there must be income tax liability, but due to the lack …

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Bitcoin crosses the $50,000 level again

Bitcoin: El Salvador becomes the first country to legalize cryptocurrency

El Salvador Congress on June 9 approved a bill to make bitcoin, the world’s largest cryptocurrency, the legal currency of the country. This Central American country has become the first country in the world to declare bitcoin a legal currency. El Salvador President Nayib Bukele further said that the US dollar will continue to be …

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