Union budget Financial News

14.02 / 11:43

cryptos Budget crypto tax union budget Centre Crypto industry asks Centre to rethink on proposed TDS

budget proposal to impose a tax deducted at source, or TDS, on virtual digital asset transactions, saying it will be difficult to comply with. The industry also urged the government to reconsider the decision to levy a tax of 30% on current market value when crypto assets are gifted or given to employees as part of their remuneration, saying the tax is levied without waiting for the receiver to sell it and book any profit. These issues figured when representatives of leading domestic crypto exchanges met with finance ministry officials on Friday to discuss budget proposals, people familiar with the deliberations told ET.

19.07 / 10:29

crypto news Crypto industry taxation Investors union budget Regulations What is the Indian crypto industry expecting from Budget 2024? Here's the wishlist

Finance Minister Nirmala Sitharaman. Among the many sectors eagerly awaiting the announcements, the cryptocurrency industry has high hopes for favorable reforms that could significantly impact its growth and regulatory landscape. Industry experts have outlined a clear wishlist ahead of the Budget, focusing on critical issues such as the high transaction tax and the inability to offset losses against gains. These concerns have been significant deterrents for investors and innovators in the crypto space. Meanwhile, the crypto community is optimistic that the government will address these challenges to create a more conducive environment for the sector.

12.02 / 08:39

crypto tax union budget cryptocurrency tax It is our sovereign right to tax cryptos: FM Sitharaman

In a reply to a query from Chhaya Verma, a Rajya Sabha member from Chhattisgarh, she clarified that if there is a gain from crypto transactions, the government has the right to tax them, but does not necessarily make them legal or illegal. Banning or not banning crypto assets will depend on the inputs given by consultants, Sitharaman said in the upper house of Parliament.

06.02 / 17:34

Budget 2022 Finance Minister union budget Budget 2022 and Your Money: What the FM's announcements mean for investors

Finance Minister Nirmala Sitharaman on Tuesday did not hand out any major tax benefits for individual tax-payers during her Budget announcements.

03.02 / 04:41

Budget 2022 crypto tax union budget With tax at 30%, is it still logical to invest in cryptocurrencies?

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.

01.02 / 17:19

Budget 2022 Union Budget 2022 crypto tax union budget Budget 2022: Did FM just make cryptocurrencies legal by taxing them?

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.

01.02 / 15:25

Budget 2022 Union Budget 2022 crypto tax union budget Crypto players cheer Budget announcements; high tax may hit volumes

Along with this, she proposed that the Reserve Bank of India (RBI) will introduce its digital currency in the new financial year, which will lead to a more efficient and cheaper currency management system. The government also laid out detailed provision on tax deducted at source (TDS) at a rate of 1 per cent levied on payments made on transfer of digital assets.

01.02 / 15:19

Budget 2022 union budget Crypto Tax? 30% Tax For Digital Assets, Highest Tax Band In India

Budget 2022: Gift of virtual assets will be taxed at the receiver's end.

01.02 / 12:17

Budget 2022 Union Budget 2022 crypto tax union budget Budget 2022: Govt to tax cryptocurrencies at flat rate of 30%

The loss arising from the sale of the virtual assets cannot set off against the any other income, the government cleared. Also, gifting of crypto tokens and the virtual assets would be taxed at the hands of the recipient. A TDS of 1 per cent will also be levied on payment made for transfer, above a monetary threshold, FM said.

01.02 / 11:39

cryptos Budget 2022 union budget After Eco Survey, will FM's Budget also remain silent on cryptos?

While experts believe there are many reasons behind this, the primary among them is that there is yet to be a unilateral consensus inside the government, in the Ministry of Finance, and even in Parliament, they said. The ambiguity on legislation still hangs in the air, according to experts. It was expected that the Economic Survey will have nothing about the crypto industry as the government is still trying to figure out what crypto is and hence how it can impact, said Edul Patel, Co-founder and CEO, Mudrex. Though the industry does not expect the crypto bill to be put on the table in the budget session, we are hopeful that some cat will be out of the FM's bag, he added.

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