The Indian government said it doesn’t treat trading in crypto assets as illegal, a day after it announced taxing such transactions just the same as winnings from gambling. “They are in a grey area. It’s not illegal to buy and sell crypto,” Finance Secretary T V Somanathan said in an interview to Bloomberg Television. “We…
Cryptocurrencies like Bitcoin or Ethereum will never become a legal tender, Finance Secretary T V Somanathan told ANI adding only the digital rupee issued by the Reserve Bank of India (RBI) would be the legal tender. Speaking to ANI, Finance Secretary said, “Digital rupee will be backed by RBI which will never default. Money will…
Financial advisors can help take you and your finances far — but only if you find the right one for you. Working with a credible, knowledgeable, and prepared advisor can help you fix financial issues, save big for retirement, and sort out the perfect budget that is tailored to your exact needs. Finding an advisor…
Sitharaman said the government taxing income from digital virtual assets did not give them legitimacy and that issue was being dealt separately in the planned cryptocurrency Bill. Budget bets big on public infra: Subsidy bill falls as Covid concern eases While presenting the Union Budget on Tuesday, Finance Minister Nirmala Sitharaman stressed the “overall sharp…
India took a step closer to adopting cryptocurrencies after years of wavering on its stance, as the country seeks to keep up with the global move toward the digital assets. Bitcoin gained. The Reserve Bank of India will launch its digital currency in the year starting April 1, Finance Minister Nirmala Sitharaman said in her…
The Budget’s move to tax gains made on crypto transactions by investors at 30 per cent has come as a respite for the country’s crypto start-ups. This is because there had been fears that the government could ban virtual assets, which is now out of the equation, said founders of start-ups dealing in virtual assets….
Until now, millions of investors in digital/virtual assets (cryptocurrencies and non-fungible tokens, or NFTs) in the country worried they could be hauled up by the tax department for filing their income-tax returns vis-à-vis this asset class incorrectly. Now, finally, Finance Minister (FM) Nirmala Sitharaman has provided clarity on how they are to be taxed. The…
At the customary post-Budget media interactions, Finance Minister Nirmala Sitharaman and her topmost bureaucrats touched upon a number of issues. The minister said the government taxing income from digital virtual assets did not give them legitimacy and that issue was being dealt separately in the planned cryptocurrency Bill. She also expressed confidence that the Budget…
Individual taxpayers were hopeful that the finance minister (FM) would provide some tax relief by changing the tax slabs or offering higher deduction under Section 80C, 80D, or Section 24. None of those hopes materialised. However, there was some relief for taxpayers who make a mistake in filing income-tax. Investors in cryptos will also breathe…
Crypto or digital currencies are the latest fad across the world and India will next fiscal, beginning April 1, have its own version of the same which essentially would mirror the prevalent physical currency in digital form. The currency, called ‘digital rupee’, will be issued by the Reserve Bank in digital form and will be…
