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The Indian government has revealed that 11 cryptocurrency exchanges have been under investigation by the country’s tax authority. About 95.86 crore rupees ($12.6 million) have been recovered from them. 11 Crypto Exchanges Investigated for Tax Evasion The Indian government answered some questions regarding the taxation of cryptocurrency exchanges Monday in Lok Sabha, the lower house … Read more
Some jurisdictions are introducing digital assets as tax payment options while others levy hefty taxes on crypto gains. Go to Source Powered by WPeMatico
Under the framework, those conducting crypto transactions will be subject to a 30% tax starting on April 1, while the 1% TDS requirement will take effect on July 1. Go to Source Powered by WPeMatico
India’s crypto tax policy is set to become law on March 24. However, stakeholders believe it could eradicate small-time traders and derail the thriving industry. Go to Source Powered by WPeMatico
First announced by India’s finance minister in February, the amendment to existing laws proposed a 30% tax targeting digital asset transactions. Go to Source Powered by WPeMatico
India’s ministry of finance has clarified in parliament how the government plans to tax cryptocurrency transactions. A proposed new section to the Income Tax Act states that gains from crypto transactions will be taxed at 30% while losses cannot be deducted. Indian Government Reveals Taxation Plan The Indian ministry of finance answered some questions Monday … Read more
The government intends to treat each crypto trading pair transaction separately, deterring traders as the gov’t would only tax their profits without accounting for the losses. Go to Source Powered by WPeMatico
It appears the root cause of concern is the potential for digital assets to disrupt the rise of India as a global power. Go to Source Powered by WPeMatico
The Indian government has told parliament that it does not have a plan to issue cryptocurrency to be regulated by the central bank, the Reserve Bank of India (RBI). The government also clarified that India’s central bank digital currency (CBDC), that the RBI will launch this financial year, is “a digital version of traditional paper … Read more
A runner and Bitcoin hodler from India is on a mission to travel to 40 countries in 400 days using Bitcoin only. Go to Source Powered by WPeMatico
