Crypto tax

CBDT releases crypto TDS guidelines

The CBDT (Central Board of Direct Taxes) has shared clear guidelines on the newly introduced TDS on crypto transfers which will be applicable from July 1.  The guideline was published on 22nd June evening, and in this blog and we’ll break it down for Blockmagic readers. The Income Tax department has published much-needed guidelines to throw…

Crypto platform CoinTracker forays into India

On Wednesday, crypto tax compliance and portfolio tracking platform CoinTracker announced its entry into India. The firm’s stance also comes against the backdrop of the government ordering 30% taxation on such transactions with effect from April 1. While announcing the launch of its product in the nation, the company said that beginning today, the cryptocurrency…

Crypto trading volumes in exchanges in India subsequent to new tax rules

After the adoption of the new crypto tax law, the volume of trading on major Indian crypto exchanges has dropped. Info gathered by a Mumbai-based research organization Crebaco and a crypto data generator Nomics revealed this. On April 1, the new tax law became effective. All profits from crypto trading in the nation will be…

No Ads from Big Crypto Exchanges this IPL Season!

India’s top cryptocurrency exchanges have spent large sums on advertising with IPL 2021 and the upcoming T-20 world cup. But this time, they have determined not to do marketing during the 2022 IPL. Blockchain and Crypto Assets Council (BACC) has taken this decision. BACC has over 24 crypto organizations as members. Top crypto trading platforms…

India Should Ban Cryptocurrency – RBI DG T. Rabi Sankar 

India has recently declared its provisions for taxation on crypto assets. Within a month of Union Budget 2021-22, an intense comment on the digital currency has been made by the Reserve Bank of India (RBI) Deputy Governor – T Rabi Sankar. Sankar has advocated a complete ban on cryptocurrency in India, citing that it has no…

Budget 2022: 30% tax on crypto assets; RBI to issue digital rupee

On Tuesday morning, Finance Minister Nirmala Sitharaman confirmed that RBI (Reserve Bank of India) will launch a digital rupee soon. The digital currency by RBI will be based on blockchain technology the tech behind Bitcoin and other famous cryptocurrencies. FM said that the digital rupee will be issued by 2022-23 without offering any clarity on…