Indian Crypto Industry Seeks Tax Clarity in Union Budget 2022-23
An Indian industry association has written to the country’s finance minister seeking clarity on cryptocurrency taxation in Union Budget 2022-23. “The budget should ideally offer coherent rules on direct taxation and the GST Council should detail the applicability of taxation, else there will be confusion.” Industry Wants Clarity in Crypto Tax Laws in Union Budget 2022-23 Indian industry association Indiatech has written to the country’s finance minister, Nirmala Sitharaman, regarding cryptocurrency taxation. The association represents major....
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India in its Union Budget 2022 has decided to introduce a ‘Crypto Tax’. Finance Minister Nirmala Sitharaman proposed a 30% tax on any income from the transfer of virtual digital assets. No Tax deductions or exemptions apart from the cost of acquisition shall be permitted, according to Sitharaman. With this decision, a lot of ambiguity […]
The Indian finance minister Arun Jaitley presented the Union Budget to the parliament, India’s most important financial event expected with hopes and worries. The budget was supposed to help an ailing economy hit hard by the demonetization of 86 percent of the currency in circulation on Nov. 8, 2016. The government proposes to cut taxes for the people in the lowest income tax slab to five percent from the current 10 percent. The government is also planning a massive penalty on cash use come April 2017. An exercise in populism. Indian media outlets had been predicting a populist budget....
Officials from India's Finance Ministry said any potential law on cryptocurrencies would likely come around the time the government submits the Union Budget of India in February. The Indian government may be looking into establishing a legal framework for crypto-based digital currencies as "assets" as early as February. According to a Tuesday report from Indian news outlet Business Today, officials with the country's Finance Ministry said the potential legal framework would treat cryptocurrencies closer to commodities than currencies. If this legislation comes to fruition, it would....
The Indian government is reportedly planning to introduce cryptocurrency regulation by the time of the next general Budget, which is in February next year. Instead of banning cryptocurrencies, like bitcoin, the government is likely to regulate crypto assets as commodities, according to reports. Indian Crypto Law Could Comes as Early as February The Indian government is planning to introduce cryptocurrency regulation in February next year, local news outlet Business Today reported, elaborating: Finance Ministry officials have told Business Today Television that a law for cryptocurrencies....
To discourage the Indian nation of cash transactions and push the country toward digital payments, high level ministers has suggested a ban on cash transactions and a tax on cash withdrawals above Rs 50,000 (approx $735). On February 1, India’s Union Budget will be heard and it is hoped that the recommendations suggested by the committee led by N Chandrababu Naidu, Chief Minister of Andhra Pradesh, to the Indian Prime Minister Narendra Modi, will be incorporated into the budget. In a report from The Times of India, it states that these suggestions include a subsidy of up to Rs 1,000 for....