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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
India’s income tax department has reportedly identified about 700 cryptocurrency investors who have failed to pay taxes on high-value crypto transactions. “We have a long list of people who were transacting in crypto assets but were not paying tax,” said an official with the country’s Central Board of Direct Taxation. Indian Tax Authority Going After … Read more
BitConnect founder is being sued for illegally raising funds and defrauding American investors of over $2 billion. Go to Source Powered by WPeMatico
The new guidelines regulate the size and language of disclaimers while prohibiting portraying the market as a ‘get rich quick scheme.’ Go to Source Powered by WPeMatico
The Indian government’s recent announcement of a 30% tax on crypto returns has sparked an industrywide discussion on its feasibility. Go to Source Powered by WPeMatico