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Income Tax Bill 2025 Clarifies Virtual Digital Asset Definition, Includes NFTs: Key Details
The Income Tax Bill 2025 classifies any cryptographically generated code, number, or token representing inherent value as part of the country's VDA ecosystem.
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RBI Governor Says Crypto Discussion Paper Will Clarify India’s Stance on Virtual Assets; Industry Reacts
RBI Governor Sanjay Malhotra stated that the upcoming crypto discussion paper, being prepared under the Finance Ministry’s oversight, will provide clarity on the future of crypto assets in India. However, he did not specify a timeline for its release.
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Crypto Exchanges, Virtual Digital Asset Intermediaries Must Perform KYC of Clients: Finance Ministry
Crypto exchanges and firms dealing with virtual digital assets must perform KYC of their clients and users on the platform, under new rules notified by the Finance Ministry earlier this week. Entities dealing in virtual digital assets are now considered 'reporting entities' under the Prevention of money laundering Act (PMLA).
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Government Imposes Anti-Money Laundering Provisions on Crypto Sector in India: Details
The Finance Ministry on Tuesday announced that it was applying anti-money laundering legislation to crypto trading, safekeeping and related financial services. The government has already levied more stringent tax rules on the crypto sector, including applying a levy on trading in 2022.
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India Should Consider Lowering TDS Rate on Cryptocurrency Trade to Stem Flight of Capital, Users: Report
India should consider lowering the 1 percent TDS imposed on cryptocurrency transactions, according to a joint report Chase India and Indus Law. The government, from April 1 last year, has brought in a 30 per cent income tax plus surcharge and cess on transfer of virtual digital assets (VDAs), including cryptocurrencies, like Bitcoin, Ethereum, Teth...
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Received Rs 60.46 Crore From Tax On Virtual Digital Assets: Centre
The government, from April 1, has brought in a 30 per cent income tax plus surcharge and cess on transfer of crypto assets, like Bitcoin, Ethereum, Tether and Dogecoin.
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India’s Crypto Tax Regime Draws Criticism from Bharat Web3 Association, Details Here
The Bharat Web3 Association (BWA) has reportedly met with senior officials from India’s finance ministry to review and voice concerns about India’s crypto-related policies and judgement. The BWA, comprised of members from Indian crypto players like WaxirX and CoinSwitch Kuber, is looking to participate actively in helping India formulate adequa...
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India Calls for Global Support to Regulate Crypto as RBI Favours Ban, Details Here
Indian finance minister Nirmala Sitharaman told the parliament on Monday that the RBI favours a ban on cryptocurrencies. The development comes at a time when the tax laws around virtual digital assets went live in India, slashing trade volumes on Indian exchanges. At this point, India still awaits laws on the crypto sector.
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What You Need to Know About Crypto, NFT Laws in India
The Income Tax Department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified. The 2022-23 Budget has brought in clarity with regard to levy of income tax on crypto assets. From April 1, a 30 percent I-T plus cess and surcharges,...
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How the 1 Percent TDS Provision Will Affect the Growth of the Crypto Industry
The recently introduced 1 percent TDS on virtual digital asset (VDA) transactions, as part of the Finance Bill 2022, has been described as highly detrimental to the industry. The tax provision is expected to discourage entrepreneurs and investors from developing the burgeoning industry while the government could lose out on an opportunity to earn t...
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Gift Cards, Reward Points Excluded From Crypto Tax From Today
A 1 per cent TDS on virtual digital assets transactions comes into play from today, but a notification gave a list of exceptions.
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1% TDS To Be Charged On Cryptocurrency Transactions From July 1. Here's What It Means
A TDS deduction of 1 per cent was announced by Finance Minister Nirmala Sitharaman in the Union Budget 2022-23 on all virtual digital asset transfers
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Postpone Decision On Crypto GST, Suggests Officers' Committee
The officers' committee on GST has suggested the GST Council defer a decision on the cryptocurrency and other virtual digital assets tax
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IT Department Notifies TDS Disclosure Requirements for Crypto, Virtual Digital Assets
The income tax department has announcement TDS disclosure requirements for cryptocurrency, virtual digital assets. From July 1, 1 percent TDS will be charged on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year.
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Income Tax Department Rectifies Gaffe, "Restores" 1% TDS On Virtual Assets After "Reduction"
Income tax department portal on Wednesday updated its document on TDS, reiterating that TDS on virtual digital assets remains at 1 per cent
-
Income Tax Bill 2025 Clarifies Virtual Digital Asset Definition, Includes NFTs: Key Details
The Income Tax Bill 2025 classifies any cryptographically generated code, number, or token representing inherent value as part of the country's VDA ecosystem.
-
RBI Governor Says Crypto Discussion Paper Will Clarify India’s Stance on Virtual Assets; Industry Reacts
RBI Governor Sanjay Malhotra stated that the upcoming crypto discussion paper, being prepared under the Finance Ministry’s oversight, will provide clarity on the future of crypto assets in India. However, he did not specify a timeline for its release.
-
Crypto Exchanges, Virtual Digital Asset Intermediaries Must Perform KYC of Clients: Finance Ministry
Crypto exchanges and firms dealing with virtual digital assets must perform KYC of their clients and users on the platform, under new rules notified by the Finance Ministry earlier this week. Entities dealing in virtual digital assets are now considered 'reporting entities' under the Prevention of money laundering Act (PMLA).
-
Government Imposes Anti-Money Laundering Provisions on Crypto Sector in India: Details
The Finance Ministry on Tuesday announced that it was applying anti-money laundering legislation to crypto trading, safekeeping and related financial services. The government has already levied more stringent tax rules on the crypto sector, including applying a levy on trading in 2022.
-
India Should Consider Lowering TDS Rate on Cryptocurrency Trade to Stem Flight of Capital, Users: Report
India should consider lowering the 1 percent TDS imposed on cryptocurrency transactions, according to a joint report Chase India and Indus Law. The government, from April 1 last year, has brought in a 30 per cent income tax plus surcharge and cess on transfer of virtual digital assets (VDAs), including cryptocurrencies, like Bitcoin, Ethereum, Teth...
-
Received Rs 60.46 Crore From Tax On Virtual Digital Assets: Centre
The government, from April 1, has brought in a 30 per cent income tax plus surcharge and cess on transfer of crypto assets, like Bitcoin, Ethereum, Tether and Dogecoin.
-
India’s Crypto Tax Regime Draws Criticism from Bharat Web3 Association, Details Here
The Bharat Web3 Association (BWA) has reportedly met with senior officials from India’s finance ministry to review and voice concerns about India’s crypto-related policies and judgement. The BWA, comprised of members from Indian crypto players like WaxirX and CoinSwitch Kuber, is looking to participate actively in helping India formulate adequa...
-
India Calls for Global Support to Regulate Crypto as RBI Favours Ban, Details Here
Indian finance minister Nirmala Sitharaman told the parliament on Monday that the RBI favours a ban on cryptocurrencies. The development comes at a time when the tax laws around virtual digital assets went live in India, slashing trade volumes on Indian exchanges. At this point, India still awaits laws on the crypto sector.
-
What You Need to Know About Crypto, NFT Laws in India
The Income Tax Department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified. The 2022-23 Budget has brought in clarity with regard to levy of income tax on crypto assets. From April 1, a 30 percent I-T plus cess and surcharges,...
-
How the 1 Percent TDS Provision Will Affect the Growth of the Crypto Industry
The recently introduced 1 percent TDS on virtual digital asset (VDA) transactions, as part of the Finance Bill 2022, has been described as highly detrimental to the industry. The tax provision is expected to discourage entrepreneurs and investors from developing the burgeoning industry while the government could lose out on an opportunity to earn t...
-
Gift Cards, Reward Points Excluded From Crypto Tax From Today
A 1 per cent TDS on virtual digital assets transactions comes into play from today, but a notification gave a list of exceptions.
-
1% TDS To Be Charged On Cryptocurrency Transactions From July 1. Here's What It Means
A TDS deduction of 1 per cent was announced by Finance Minister Nirmala Sitharaman in the Union Budget 2022-23 on all virtual digital asset transfers
-
Postpone Decision On Crypto GST, Suggests Officers' Committee
The officers' committee on GST has suggested the GST Council defer a decision on the cryptocurrency and other virtual digital assets tax
-
IT Department Notifies TDS Disclosure Requirements for Crypto, Virtual Digital Assets
The income tax department has announcement TDS disclosure requirements for cryptocurrency, virtual digital assets. From July 1, 1 percent TDS will be charged on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year.
-
Income Tax Department Rectifies Gaffe, "Restores" 1% TDS On Virtual Assets After "Reduction"
Income tax department portal on Wednesday updated its document on TDS, reiterating that TDS on virtual digital assets remains at 1 per cent
