Indian Parliament’s budget session is all set to begin on January 30, 2022. The budget for the fiscal year 2022-2023 will be presented in the Parliament. One of the most awaited things in this budget would be the governments’ bill on regulating and functioning of Crypto market in India.
TDS and TCS on crypto transactions
As reported by the Economic Times, Nangia Andersen LLP Tax Leader Aravind Srivatsan said that considering the size of the market, the amount involved, and the risk in the market, certain changes could be brought in taxation of cryptocurrencies. Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) could be levied on selling and purchasing cryptocurrencies above a certain level. To report to tax authorities, such transactions should also be brought within the ambit of the specified transaction.
Like winning the lottery, game shows, puzzles, etc, a higher tax rate of 30 percent should be imposed on income arising from the sale of Cryptocurrency, Srivatsan said.
SFT for Crypto Transactions
According to Srivatsan, the sale and the purchase of Crypto should be under SFT. Statement of Financial Transactions (SFT) or reportable account in the Income Tax law keeps a watch on high-value transactions undertaken by taxpayers. The trading companies have already reported the sale and purchase of mutual funds under SFT. Financial Institutions, companies, and stock market intermediaries fall under SFT reporting.
Was scheduled in the winter session
A bill on regulating cryptocurrencies was listed in the 2021 winter session of the Parliament. It was brought after many concerns of digital currencies being allegedly used to lure investors with misleading claims. Right now, no govt. bill regulates or bans cryptocurrency in the country.
- Malaysian Converts Selfies Into NFTs, Becomes Millionaire In Just 5 Days
- Mike Tyson Says He Is ‘All In’ On Solana Crypto!
- After A Enormous 2,900,000,000% Rally In Just A Week, This Diminutive Token Trades At A Fraction Of Its Peak
- For Digital Payments, Use Of Bitcoin Decreased In 2021
- Cardano Back in Top 5 As ADA Rallies Over 10%, Sundae Swap Upgrade Coming This Week
- Fantom (FTM) Hits A New All-Time High, Funding Rate Important Metric to Watch
- NFT Investors Are Owing Billions In U.S Taxes, Here’s How IRS Plans to Collect Tax
- Elon Musk Tweet: Tesla Accepting Dogecoin, But There Is A Catch!
- Chainalysis Report Claims Criminal Usage Of Cryptocurrency Will Decrease In 2022
- SHIB Bulls Cause Shiba Inu Prices To Skyrocket
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?