Crypto adoption India

Is higher taxation a solution for the risks involved in cryptocurrencies?

On 1st February, while announcing the Budget 2022, Finance Minister Nirmala Sitharaman announced something unexpected.  Sitharaman said income from the virtual or digital assets (cryptocurrency) will be taxed at @30%. In addition, @1% TDS (tax deducted at source) will also be levied by the government on these investments. The 30% taxation is retributive tax, harshly…

Crypto bills and regulations

New disclosure rules made mandatory for cryptocurrency companies in India

From today onwards, crypto firms in India must report all cryptocurrency transactions to the Indian government. Effective from today, the new disclosure rule states that any company dealing in cryptocurrency will have to reveal their complete crypto holdings to the government. All this has to be disclosed as a part of their financial statements. A…