Connect with us

Business

Budget proposes 30 pc tax on transfer of any virtual digital asset

Published

on

(Asian News Hub) – In a major blow to crypto players, the Budget 2022 has proposed to tax income from transfer of any virtual digital asset at the rate of 30%.

Gift of virtual digital asset is also proposed to be taxed in the hands of the recipient.

Advertisement

While announcing the scheme for taxation of virtual digital assets, Finance Minister Nirmala Sitharaman said that there has been a phenomenal increase in transactions in virtual digital assets, UNI reported.

“The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime. Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent,” Sitharaman said as she presented the Budget in Lok Sabha on Tuesday.

Also Read: J-K gets Rs 35581 crore in Union Budget

Advertisement

In order to capture the transaction details, Finance Minister also proposed to provide for TDS on payment made in relation to transfer of virtual digital asset at the rate of 1% of such consideration above a monetary threshold.

Reacting to the tax proposal, Om Malviya, President, Tezos India said that he is happy to note that the FM has announced crypto tax provisions in this budget, legitimising crypto transactions in some way.

“However, it is disappointing to see that the Government has decided that the income from the transfer of digital assets will be taxed at 30 per cent — which seems to be too high, given that the NFTs, cryptocurrencies and digital assets space is already booming and has immense potential for the economy in the near future,” Malviya said as per UNI.

Advertisement

Also Read: RBI to issue digital rupee this FY: Nirmala Sitharaman

Rakesh Kaul, CEO, Clix Capital said, “The announcement of a digital rupee using block chain is exciting per se, but one needs to wait and watch whether there will be any specific benefits for this asset class. But the 30% tax on any income from the transfer of digital assets can act as a dampener on efforts to create a virtual digital economy.”

Advertisement

Business

Brazil to legalize crypto as a payment method

Published

on

Brazilian lawmakers have backed a complete regulatory framework for the trading and use of cryptocurrencies in the country.

Also Read: Students RAPE classmate inside classroom

Advertisement

The Chamber of Deputies of Brazil, a federal legislative body, has approved a regulatory framework that legalizes the use of cryptocurrencies as a payment method, but the passing of the bill does not make any cryptocurrencies legal tender within the country.

While this makes significant progress for crypto within Brazil, the law still requires the signature of the president of Brazil for it to be enacted.

Also Read: KNO Exclusive — Depression, anxiety on rise among youth, children in Kashmir

Advertisement

In addition to allowing crypto as a payment method, the law enables the creation of licenses for crypto exchange platforms and for custody and management of crypto by third parties.

Advertisement
Continue Reading

Business

Bitcoin back above $20,000 mark

Published

on

Srinagar, Sept 09: Bitcoin surged past the USD 20,000 barrier and was eyeing its best day in six weeks on Friday as the US dollar fell broadly and markets found reasons to be cheerful at the end of a dour week, Reuters reported.

Also Read: Prophet row: SC rejects plea seeking arrest of suspended BJP spokesperson Nupur Sharma

Advertisement

Bitcoin, the biggest cryptocurrency by market value, rose more than 7 per cent to USD 20,796, a two-week high. Ether, the second-biggest, rose 5 per cent to also hit a two-week peak at USD 1,717. Bitcoin had been as low as USD 18,540 on Wednesday.

Market participants said there was no particular trigger for the gains beyond a broad upbeat mood in evidence across asset classes on Friday, led by a drop in the safe-haven dollar and a rally in Chinese stocks.

If the cryptocurrencies can hold their gains until Sunday’s close, Bitcoin could log a second weekly rise in a row, and its best week in about a month. read more

Advertisement

Ether’s weekend volatility may be heightened by a looming software upgrade known as the “merge”, due sometime between Sept. 10 and 20, with the exact timing uncertain.

The shift will radically change how transactions are processed and is supposed to slash energy consumption. Some exchanges plan to pause deposits and withdrawals while the upgrade occurs.

Advertisement
Continue Reading

Business

Veteran stock investor Rakesh Jhunjhunwala passes away

Published

on

Mumbai, Aug 14: Seasoned stock market investor Rakesh Jhunjhunwala passed away at the age of 62 in Mumbai, according to several media reports.

Also Read: Salman Rushdie taken off ventilator

Advertisement

Jhunjhunwala, over the years, has invested in many well-known and established companies, and also upcoming startups. His investment in the Tata owned, Titan Industries was seen as a master stroke.

He recently promotd, Akasa Air, which was backed by Rakesh Jhunjhunwala, was inaugurated on August 7.

According to New 18 reports, Jhunjhunwala was brought to the Candy Breach Hospital at 6:45 AM in the morning and was declared dead.

Advertisement

Also Read: Cop injured in Kulgam grenade attack, succumbs

As of August, 2022, his net worth was $5.8 billion. He invested via his firm Rare Enterprises. He is often referred to as India’s Warren Buffett.

Advertisement
Continue Reading

Trending