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The broad definition of «virtual digital assets» and «any information, code, or otherwise» in the newly announced framework could cover a large range of intellectual properties and even online assets created by multinationals, as per the experts. This could eventually mean that taxmen may be able to question certain assets or intellectual properties, and they could eventually be taxed at a higher rate.

crypto community has started an online protest against the 30 per cent tax on crypto currencies announced by FM Nirmala Sitharaman on Tuesday. Until late Thursday, the hashtag # reducecryptotax was trending on Twitter. The change.org petition was started by Aditya Singh, Co-founder of CryptooIndia, and then amplified by popular social media influencers like Sandeep Bahuguna, Pushpendra Singh, and Kashif Raza.

If you want to be a part of the Metaverse and NFT universe, you can purchase relevant crypto tokens from platforms like CoinSwitch Kuber. So, to understand them, let's dissect each of these terms first.

crypto assets in the Union Budget has boosted the morale of the crypto industry, particularly the new players or startups. In the light of recent developments at home and across the globe, there are voices that India is poised to emerge as a global hub for crypto players and enterprises. Market participants believe that cryptos can be viewed as an emerging asset because it is an intangible, digital currency that uses a highly sophisticated type of encryption to secure and verify transactions.

Union Budget, the crypto community is buzzed with multiple questions. Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have stepped forward to clear the clouds of ambiguity. In line with this, in a recent interview to News18, Sitharaman said that the budget announcement on virtual assets was aimed to differentiate between private cryptos and digital currency.

budget to address the lack of clarity on how income from such transactions is to be taxed and it doesn't necessarily confer legitimacy on such products, revenue secretary Tarun Bajaj said in an interview. The budget announcement had been regarded as recognition of crypto assets such as digital coin, in the absence of explicit legislation on the matter.Assessing Officers' Call till March 31

Poor earnings from Meta, formerly known as Facebook, also spoiled the market mood. Weaker guidance for the ongoing quarter added to the woes. Meanwhile, wormhole hole network being down for maintenance impacted the DeFi space. The trading volumes too remained thin. Barring the US dollar-pegged USD Coin, all of the other nine out of the top-10 digital tokens were trading lower during the trade on Thursday. Terra and Solana plunged 9 per cent each while Cardano dropped 6 per cent and Shiba Inu 4 per cent.

crypto platforms jumped 30-50% on budget day Tuesday, when the finance minister announced a proposal to tax digital assets. While crypto investors and exchanges looked for the fine print in the proposal, some viewed the announcement as an indirect way to endorse crypto trade in India. Industry executives said the budget announcement resulted in pent-up interest among risk-averse investors as well as companies who earlier feared the digital assets would be outlawed in India.

Mumbai: Nischal Shetty, founder of crypto exchange WazirX, has announced a new blockchain called Shardeum that will compete with others such as Ethereum and Solana. This is one of the first layer-one blockchains being built out of India. Shetty said that unlike other blockchains, Shardeum will solve for scalability and expensive transaction costs, while maintaining a high level of decentralisation, which he said was lacking in most blockchains today. “If you are looking at 200 million people today in crypto worldwide, this will go to a billion people in the future. There is no way the existing blockchains will be able to support that. Sharding is a known solution to solve this problem, which is what Shardeum is built on,” he said.

cryptocurrency bill in Parliament. However, the government has smartly sidestepped on the legality of cryptocurrencies while showing its disinclination to support these, by levying a huge tax burden on those making money from such virtual digital assets, as the Finance Bill has tried to define it. The Finance Bill 2022 proposes to introduce a new phrase called virtual digital assets, which has a very wide definition encompassing all forms of digital assets including cryptocurrencies and non-fungible tokens. It has also added them to the expression “property”. Any transfer of virtual digital assets is proposed to be taxed at a higher rate of 30 per cent. Furthermore, no deductions would be allowed in computing the income arising from such assets, other than their cost of acquisition. More importantly, they have also proposed to tax the recipient of any such asset transferred without any consideration — for example, by way of a gift. It is also pertinent to note that any loss suffered from transfer of a virtual digital asset cannot be adjusted against any other source of income. The Central Board of Direct Taxes also plans to issue further guidelines concerning taxation of virtual digital assets, ironing out any leftover creases.

crypto currency transactions had not been declaring such income and the income tax department has collected enough data on such entities, Central Board of Direct Taxes chairman JB Mohapatra said. «In many of the cases tax returns were not filed, although they invest and they trade. In many cases the returns were filed, but the crypto surpluses were not declared....In some cases where surplus was shown, there were major differences in accounting,» Mohapatra told ET. He added that the department had been keeping a tab on cryptocurrency transactions since 2017.

Mumbai: Tax on cryptocurrencies or virtual digital assets announced on Tuesday is set to create more problems for investors and their tax experts on how to compute gains and taxation. Many tax experts seem to have raised questions about what would happen to the gains made by investors in the past year. That is, whether the announcement on tax will be retrospective. «The concerned amendments are prospective from April 1, 2022. This means that for such transactions till March 31, 2022, taxation should be applicable at normal income tax slab rates or capital gains tax rates (as the case may be) and not the flat 30% rate,» said Sudhir Kapadia, national leader-tax at EY India.

Speaking to ANI, Finance Secretary said, «Digital rupee will be backed by RBI which will never default. Money will be of RBI but the nature will be digital. The digital rupee issued by RBI will be the legal tender. We can purchase non-digital assets with the digital rupee like we purchase an ice cream or other things using our wallet or payments through UPI platform.» «Rest all are not legal tender, will not, will never become legal tender. Bitcoin, Ethereum, or any picture of Actor become NFT will never become a legal tender,» he added. Presented ByDid you Know?Sunny Leone took the lead among Indian actors to secure her digital assets when she broke the news about her association with NFT, two months back. This made her the first Indian a

Finance Minister Nirmala Sitharaman announced the tax on gains arising from virtual assets at a flat rate of 30 per cent without any exemptions or deductions. The high rate of taxation and high volatility in crypto tokens has raised a few logical questions in the investor community.

“They are in a grey area. It’s not illegal to buy and sell crypto,” Finance Secretary T. V. Somanathan said in an interview to Bloomberg Television. “We have now put in a taxation framework that treats crypto assets the same way we treat winnings from horse races, or from bets and other speculative transactions.” After years of dilly-dallying on how to treat cryptocurrencies, the government’s budget Tuesday proposed taxing income from the transfer of virtual assets at 30 per cent — effectively removing any uncertainty about the legal status of such transactions.

Central Bank Digital Currency (CBDC) in the Union Budget 2022 by Finance Minister Nirmala Sitharaman, Prime Minister Narendra Modi on Wednesday threw more light on the topic in his address to the nation. PM Modi said that the digital currency will boost the digital economy in the year to come, adding that the RBI-backed CBDC will be controlled and monitored by the central bank and will be a digital avatar of India's fiat currency. India's move to launch CBDC is in tandem with other global peers, who are planning similar moves soon.

El Salvador has gone ahead and changed the frontend and backend technology provider for its 'Chivo' wallet even as International Monetary Fund (IMF) recommended that the South American nation should drop the use of bitcoin as its sovereign currency. The change has been made in an apparent bid to fix a series of problems that have plagued its state-run bitcoin wallet. The government of El Salvador earlier this week rejected IMF's recommendation. El Salvador's Treasury Minister Alejandro Zelaya said, «No international organization is going to make us do anything, anything at all. Bitcoin is an issue of 'sovereignty' and sovereign countries take sovereign decisions about public policy.»

Budget has for the time being treated cryptos as ‘digital assets’ by proposing to tax the gains from crypto trading — though at a stiff rate of 30%, like lottery prize money. The central bank digital currency (CBDC) — the digital form of the fiat currency bills in your wallets — can quicken transactions and dramatically transform payments with instantaneous settlement. It would be faster and cheaper than other modes of payment like RTGS, IMPS or UPI. Cryptos, however, will not be treated as currency but may survive as assets. Not only would crypto profits be taxed at double the rate than short-term stock gains, 1% would be deducted as tax at source from the proceeds of sale of cryptocurrency.

The Digital Rupee, which is supposed to be India’s first Central Bank Digital Currency (CBDC) project, will be a digital form of the rupee – one that will be completely regulated and monitored by the central government. But if you are unsure what CBDCs mean, CoinSwitch Kuber brings the much-needed clarity on it. Such currencies usually have the full faith and backing of the issuing authority. Hence, the Reserve Bank of India will remain the guarantor of the Digital Rupee, just as it is for regular notes and coins.

income tax on digital assets, that would include cryptocurrencies and Non-Fungible Tokens (NFTs), this is set to spark a sell off from Indian investors, say industry trackers. The finance minister on Tuesday introduced a 30% income tax on returns from digital currencies. This would mean that investors will have to cough up 30% tax on the returns they make from trading or investing in cryptocurrencies. Experts say that the 30% tax would also not be allowed to be set off against any other losses or expenses. This is only going to increase the tax burden for cryptocurrency investors, who will have to shell out a third of their returns towards taxes.

While this has boosted the morale of the industry, a lot of crypto enthusiasts are wondering if the Finance Minister just made cryptocurrencies legal. According to Purushottam Anand, Founder of blockchain law firm Crypto Legal, taxing income from cryptocurrencies does not necessarily and explicitly legalise cryptocurrencies because income tax is not concerned about the manner or means of acquiring the income.