Crypto Transactions - Analysis of Tax Implications
- Year of Publication: 2021
- ISBN: 0
Episode Duration:
85 minutes
Episode Background:
Cryptocurrencies including the non-fungible tokens (NFTs) are the most happening thing at present around the world. Though, in India, they are not recognised as legal tender till date, sizeable funds of the investors are parked in cryptocurrencies. While India is deliberating a new law to regulate cryptocurrencies (and possibly NFTs), it is only fair to wonder how will they be taxable and the other challenges that may arise therefrom.
What shall the episode cover?
Against this backdrop, Taxsutra is delighted to present to you a special episode on “Crypto Transactions – Analysis of Tax Implications”. The session shall is led by eminent tax experts Mr. Badri Narayanan and Mr. Raghavan Ramabadran, Executive Partners in Lakshmikumaran & Sridharan, who has dwelled upon the direct and indirect tax implications and challenges surrounding the cryptocurrencies. The session is followed by a brief Q&A round. During the episode the speakers has illustratively covered following issues:
Direct Tax
- Taxability in the hands of investors
- Nature of income
- Tax implications in the hands of crypto-exchanges
- Applicability of provisions of Equalization Levy, TDS and TCS
GST
- Cryptocurrencies and NFTs – goods? services?
- Place of supply
- Implications on crypto-exchanges
- Taxation in other countries
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
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- Year of Publication: 2021
- ISBN: 0
Episode Duration:
85 minutes
Episode Background:
Cryptocurrencies including the non-fungible tokens (NFTs) are the most happening thing at present around the world. Though, in India, they are not recognised as legal tender till date, sizeable funds of the investors are parked in cryptocurrencies. While India is deliberating a new law to regulate cryptocurrencies (and possibly NFTs), it is only fair to wonder how will they be taxable and the other challenges that may arise therefrom.
What shall the episode cover?
Against this backdrop, Taxsutra is delighted to present to you a special episode on “Crypto Transactions – Analysis of Tax Implications”. The session shall is led by eminent tax experts Mr. Badri Narayanan and Mr. Raghavan Ramabadran, Executive Partners in Lakshmikumaran & Sridharan, who has dwelled upon the direct and indirect tax implications and challenges surrounding the cryptocurrencies. The session is followed by a brief Q&A round. During the episode the speakers has illustratively covered following issues:
Direct Tax
- Taxability in the hands of investors
- Nature of income
- Tax implications in the hands of crypto-exchanges
- Applicability of provisions of Equalization Levy, TDS and TCS
GST
- Cryptocurrencies and NFTs – goods? services?
- Place of supply
- Implications on crypto-exchanges
- Taxation in other countries
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
