Income Tax Financial News

07.10 / 09:55

cryptocurrency RBI Income Tax Dubai homes built on cryptos a legal trap

Such transactions, though perfectly kosher in Dubai, which wants to position itself as the world's crypto capital, can come back to haunt the property owners, most of whom are unmindful of the regulatory and legal pitfalls ahead. Little do they realise that copies of their passports, those of their family members or close relatives in whose name the property is registered could someday fall into the hands of the Indian Income Tax (I-T) Department and Directorate of Enforcement (ED). With the Reserve Bank of India (RBI) imposing a shadow ban on cryptos and the finance ministry almost taxing the asset to death, many high net-worth individuals (HNI) investors have moved their cryptos to Dubai and other financial centres.

11.03 / 11:53

cryptocurrency Money laundering digital assets Income Tax PMLA Explained: Why were crypto intermediaries brought under PMLA

The Indian government introduced a significant notification on March 7, 2023 bringing into coverage various crypto intermediaries within the purview of the Prevention of Money Laundering Act, 2002 (PMLA). The move comes at a time when many crypto intermediaries are already facing investigations from the Enforcement Directive (ED), the enforcing agency of the PMLA. News reports suggest that over Rs 9 billion has already been attached as proceeds of crime in connection with crypto frauds.

08.06 / 17:17

cryptocurrency Income Tax tds Virtual assets Income Tax website rectifies error, Government sticks to 1% TDS on virtual assets

Relief was shortlived for Indian crypto exchanges as the Income Tax portal has updated its document on Tax Deduction as Source (TDS), restoring the TDS on Virtual Digital Assets (VDAs) at 1 percent.

11.04 / 05:05

Tax Income Tax virtual digital assets Govt working on FAQ on taxation of crypto, virtual digital assets

tax and GST on virtual digital assets, an official said. The set of Frequently Asked Questions (FAQ), which is being drafted by the Department of Economic Affairs (DEA), RBI and Revenue Department, would also be vetted by the law ministry, the official added. «FAQ on taxation of cryptocurrency and virtual digital assets is in works. Although FAQs are for information purposes and do not have legal sanctity, law ministry's opinion is being sought to ensure that there is no loophole,» the official told PTI.

03.02 / 05:21

crypto currency Income Tax Crypto currency transactions under taxman's lens

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.

02.02 / 05:13

cryptocurrency Investors Budget 2022 Income Tax Income tax on cryptocurrency introduced: Investors may see a sell off in the coming weeks

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.

01.02 / 12:01

cryptocurrency Budget 2022 crypto tax Income Tax Budget 2022: Twitter has a field day with middle class, crypto tax memes

Income tax rates will remain unchanged for fiscal year 2022-23, Finance Minister Nirmala Sitharaman announced in the Union Budget today in possibly her shortest Budget speech ever.

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