India issues clarifications on tax guidelines for crypto transactions
Today, CBDT (the Central Board of Direct Taxes) issued guidelines to remove complications in terms of new Section 194S which will come into effect from July 1, 2022.
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…
30% cryptocurrency tax becomes law in India after Rajya Sabha approves the Finance Bill
The Indian Finance Bill 2022 with new 30% cryptocurrency tax rules was approved by Rajya Sabha, the upper house of the Indian parliament, to make it a law today that will be in effect from tomorrow i.e., April 1. The bill’s approval by the upper house of the parliament comes within a week after the…
Decision on the fate of cryptocurrency in India follows: FM
On Friday, Finance Minister Nirmala Sitharaman said that the government has sovereign right to tax profit made from crypto transactions and the decision on prohibiting or not prohibiting will be taken depending on the feedback from consultations. Responding to the general discussion on Union Budget, the finance minister said that she is not going to…