Lok Sabha News

25.03 / 12:15

crypto tax Govt to move amendments to Crypto tax rules today

The provision is a setback for the crypto industry that was hoping for some relief from the amendments, after the government proposed a flat 30% tax on capital gains on virtual digital assets (VDAs). Another key amendment proposed is a provision to levy a penalty on taxpayers who have claimed a deduction of surcharge and cess from the taxable income but do not on their own pay the tax plus interest on the deduction so claimed.

25.03 / 06:17

business cryptocurrency NFTS Bitcoin bitcoin rises Cryptocurrency Prices Today March 25: Bitcoin rises, Ethereum biggest gainer

Cryptocurrencies traded in the green early on March 14. The global crypto market cap is $2.00 trillion, a 2.74 percent increase over the last day. The total crypto market volume over the last 24 hours is $106.81 billion, an increase of 8.83 percent.

25.03 / 05:45

cryptocurrency Non-fungible tokens crypto tax virtual digital assets FinMin may move amendments to Fin Bill today; seeks to tighten crypto tax rules

The government on Thursday proposed to tighten the norms for taxation of cryptocurrencies by disallowing set off of any losses with gains from other virtual digital assets.

22.03 / 04:35

crypto tax Cannot offset losses from one crypto against gains from another, clarifies govt

Lok Sabha on Monday, the government clarified that cryptocurrency investors will not be allowed to offset gains from one cryptocurrency against losses from another. In the recent budget, the government proposed to tax gains at the rate of 30 per cent but there was still some confusion on how gains and losses will be calculated. This reply clarifies one of those doubts. “As per the provisions of the proposed section 115BBH to the Income-tax Act 1961, loss from the transfer of VDA (Virtual Digital Assets) will not be allowed to be set off against the income arising from transfer of another VDA,” said Pankaj Chaudhary, Minister of State in the Ministry of Finance.

21.03 / 14:21

cryptocurrency Finance Minister crypto tax Crypto tax: Government clarifies that losses cannot be set off between trades of different tokens

In a setback for crypto investors and trading platforms, Minister of State for Finance Pankaj Chaudhary said in the Lok Sabha on March 21 that losses incurred from virtual digital assets (VDAs) cannot be set off against the gains from another VDA transaction while computing tax.

24.11 / 10:51

cryptocurrency WazirX Cryptocurrency Bill Government's proposed cryptocurrency ban bill sparks meme fest on Twitter

Cryptocurrency investors in India are on panic mode after the Lok Sabha announced on Tuesday that a bill to ban private cryptocurrencies will be introduced in the upcoming winter session of parliament and that the government will create a framework for a central bank-backed digital money.

24.11 / 07:29

cryptocurrency Parliament Cryptocurrency Bill What will happen to crypto in circulation if government bans it, asks Zerodha’s Nikhil Kamath

A day after the central government listed the cryptocurrency bill for introduction in the Lok Sabha’s winter session, cryptocurrency prices crashed and investors feared what would happen if the bill is passed in the current form.

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