CRYPTOCURRENCIES

Breaking: Government To Give Big Update On Cryptocurrencies Through FAQs

If you invest in Cryptocurrency, then the government is going to give a big update on it soon. Actually, the government is working on FAQs i.e. frequently asked questions regarding taxation on cryptocurrencies. An official says that the FAQ will make things clear about levying Income Tax and GST on Virtual Digital Assets. The draft of the …

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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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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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Crypto Exchange WazirX Raided For GST Evasion. Read Complete Details Here

Crypto Exchange WazirX Raided For GST Evasion. Read Complete Details Here

The Mumbai East Commissionerate of GST said that the country’s largest crypto exchange WazirX, which deals in cryptocurrencies, was evading GST for a long time. Revealing the tax evasion of these crores, the officials have now recovered a fine of more than Rs 49 crore after levying interest and penalty on the exchange. According to …

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RBI Central Board Discussion On Cryptocurrency And CBDC

RBI Board discusses CBDC and private cryptocurrency

The Central Board, the apex policy-making body of the Reserve Bank of India (RBI), on Friday discussed all aspects related to central bank digital currency (CBDC) and private cryptocurrencies. The government is preparing to bring a law for the regulation of cryptocurrencies. The Cryptocurrency and Official Digital Currency Regulation Bill 2021 is planned to be introduced in …

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RBI Central Board Discussion On Cryptocurrency And CBDC

The Central Board, the apex policy-making body of the Reserve Bank of India (RBI), on Friday discussed all aspects related to central bank digital currency (CBDC) and private cryptocurrencies. The government is preparing to bring a law for the regulation of cryptocurrencies. The Cryptocurrency and Official Digital Currency Regulation Bill 2021 is planned to be introduced in …

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FAQ’S SERIES ON CRYPTOCURRENCIES IN INDIA

FAQ’S SERIES ON CRYPTOCURRENCIES IN INDIA

FAQ’s on cryptocurrencies: PArt 1: 07.12.2021 Q1. Are Crypto currencies banned in India? Ans.:No, cryptocurrencies are not banned in India at present. They have never ever been banned in India. Q2. Define Bitcoin in short? Ans.: Bitcoin is a type of cryptocurrency, which works on the blockchain technology. Q3. Legal Framework to be introduced by …

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