Indian Government Reveals How It Plans to Tax Cryptocurrency Transactions
India’s ministry of finance has clarified in parliament how the government plans to tax cryptocurrency transactions. A proposed new section to the Income Tax Act states that gains from crypto transactions will be taxed at 30% while losses cannot be deducted. Indian Government Reveals Taxation Plan The Indian ministry of finance answered some questions Monday in Lok Sabha, the lower house of parliament, regarding how cryptocurrency transactions will be taxed going forward. Minister Pankaj Chaudhary, the minister of state in the ministry of finance, explained....
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The Indian government has revealed that 11 cryptocurrency exchanges have been under investigation by the country’s tax authority. About 95.86 crore rupees ($12.6 million) have been recovered from them.
11 Crypto Exchanges Investigated for Tax Evasion
The Indian government answered some questions regarding the taxation of cryptocurrency exchanges Monday in Lok Sabha, the lower house of parliament.
Parliament member S. Ramalingam asked the finance minister “whether it is true that some cryptocurrency exchanges were involved in evasion of goods and....
The number of Indian users on cryptocurrency exchange Binance has soared after the Indian government began levying taxes on crypto transactions. Meanwhile, daily trading volumes at some major India-based cryptocurrency exchanges are down over 90% since the new tax rules took effect.
Binance Sees Record Number of Indian Users
The number of Indian user sign-ups soared on global crypto exchange Binance after a 1% tax deducted at source (TDS) went into effect in July, Bloomberg reported Tuesday.
The number of Binance app downloads in India jumped to 429,000 in August, the....
The Indian government has answered three sets of questions in parliament regarding bitcoin transactions, the high-profile bitcoin scam in Karnataka, and the legality of cryptocurrency trading and crypto exchanges in India. Meanwhile, the winter session of parliament has begun and a crypto bill is expected to be taken up during this session.
Indian Government Answers Questions About Bitcoin Transactions
On Monday, the Indian Ministry of Finance answered three sets of questions on bitcoin and cryptocurrency trading in Lok Sabha, the lower house of India’s parliament.
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The Indian government is reportedly considering taking “the ordinance route” to quickly pass the cryptocurrency bill. “The government is of the firm view that they want to introduce the law within a month of clearance of the ordinance,” a local news outlet detailed. Indian Government Seeks to Quickly Pass Crypto Bill All eyes are on what the government of India will do with the cryptocurrency bill that is listed to be introduced in the current session of parliament. The bill seeks to ban cryptocurrencies while creating a framework for the official digital currency....
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....