![]() The threshold limit for TDS would be Rs 50,000.year for specified persons, including individuals/HUFs who are required to get their accounts audited under the Income Tax Act. Meanwhile, the Government has proposed 1% TDS on crypto transfers/payments towards virtual currencies beyond Rs 10,000 in a year. TDS on cryptocurrency, NFT transfers and payments ![]() Hence, investors should ideally wait for the legislation before making any decision. ![]() The legalisation of crypto and other VDAs like NFTs may or may not happen through the upcoming Bill. Cryptocurrency has not yet been legalised in IndiaĮven as 30% tax on income from crypto and other VDAs has been announced, investors should not think that crypto has been legalised as an asset class, according to Finance Minister Nirmala Sitharaman (Read her statement here). However, no draft of the proposed bill is in the public domain. The Government is still preparing a Bill to regularise cryptocurrency transactions and exchanges. (Read his statement here)ĪLSO READ | Cryptocurrency Tax Calculation: What will be Taxed, What won’t, How and When? 2. It does not convey anything on its legality which would come out once the Bill (on regulating such assets) is introduced in Parliament,” Bajaj was quoted as saying. ![]() ![]() It is to bring certainty in taxation of cryptocurrencies. However, Budget 2022 has brought certainty to the issue. “The provision in the Finance Bill is related to taxation of virtual digital assets. As taxpayers are required to report income from all possible sources while filing ITR. Tax on cryptocurrency not new but will bring certaintyĪccording to Bajaj, income from crypto and other VDAs was always taxable. Tax slab change for individuals earning over Rs 10 lakh among Budget 2023 expectations Here are five points crypto investors in India need to know:ġ. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |