Browsing Tag
VDA
Cryptos Under PMLA: A Move To Go A Long Way Towards Empowering Legitimate Businesses
PMLA regulations will now apply to all VDA exchanges, NFT platforms and wallet operators, thereby casting a wide net over the industry.Cross-border money laundering has become an activity of serious concern in modern timesEarlier this…
Crypto: Govt brings crypto under money laundering law – Times of India
NEW DELHI: In its latest step to tighten oversight of digital assets, the Centre has brought crypto trading, safekeeping and related financial services under the ambit of the Prevention of Money Laundering Act. The Union finance ministry…
India Should Consider Lowering TDS Rate on Cryptocurrency Trade: Report
India should consider lowering the 1 percent TDS on cryptocurrency trade as a high rate is causing a flight of capital and users to platforms in foreign jurisdictions and the grey market, a report said on Tuesday.The 'Impact Assessment of 1…
WazirX says crypto trading volumes fell 76% from Jan to Nov
Crypto exchange WazirX said it recorded a 76% fall in users' trading volumes from the start of 2022 to November 30, in what has been a brutal year for digital assets. In January-November 2021, the exchange had clocked $43 billion in trade…
Finance Ministry Specifies which NFTs are Virtual Digital Assets
The Central Board of Direct Taxes (CBDT), which is part of the Ministry of Finance’s revenue division, has said that only NFT trades without a concurrent sale of the underlying physical asset will be subject to the tax rates laid forth for…
CBDT notifies TDS disclosure requirements for cryptos, virtual digital assets
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.
From July 1, tax deducted at source…
India: 30% tax on profits from cryptocurrency assets from April 1
As revealed in the Union Budget, profits from trading in crypto and other virtual assets such as non-fungible tokens (NFTs) will be taxed at a flat 30% rate beginning in April.
This would apply to all virtual digital…
FinMin seeks to tighten crypto taxation norms
The government on Thursday proposed to tighten the norms for taxation of cryptocurrencies by disallowing set off of any losses with gains from other virtual digital assets.
As per the amendments to the Finance Bill, 2022, circulated among…
From April 1, disclaimers must on ads for ‘highly risky’ cryptos
Advertisers will have to put a disclaimer while promoting the "highly risky" and unregulated cryptocurrencies from April 1, a self-regulatory body for the industry said on Wednesday.
All virtual digital assets (VDAs), which are commonly…