- Year of Publication: 2022
- ISBN: 0
Episode Duration:
60 minutes
Episode Background:
In her budget speech on Feb. 1, Finance Minister Mrs. Nirmala Sitharaman announced that India will tax all “virtual digital assets” at 30% – with no deductions or exemptions – from April 1. The 30% tax on cryptocurrency income has evoked mixed reactions from Indians. Some opine that the rate of 30% on cryptocurrency implies that the government puts it at par with betting and speculation. Some are relieved that at least a framework to tax cryptocurrency has been put in place.
What shall the episode cover?
To decode all these nuances and more, Taxsutra is delighted to present to you a special episode on "Crypto Transactions –Analysis of Tax Introduced in Union Budget 2022-23" in association with premier law firm “Lakshmikumaran & Sridharan [L&S]”. The session has been led by L&S Executive Partners, Mr. Badri Narayanan & Mr. Raghavan Ramabadran, who has primarily dwelled upon the newly introduced tax implications and challenges surrounding cryptocurrencies.
Key Highlights
1. Overview of Cryptocurrency and NFT
2. Definition of ‘virtual digital assets’ and implications
3. Legality and recognition of virtual digital assets
4. Crypto tax introduced in Union Budget 2022-23
- Taxability in the hands of investor
- Taxation in the hands of recipient on gift of Virtual Digital Assets
- Application of TDS provisions
5. Indirect tax implications under GST and Customs
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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Ratings and Reviews
Overall Rating
- Year of Publication: 2022
- ISBN: 0
Episode Duration:
60 minutes
Episode Background:
In her budget speech on Feb. 1, Finance Minister Mrs. Nirmala Sitharaman announced that India will tax all “virtual digital assets” at 30% – with no deductions or exemptions – from April 1. The 30% tax on cryptocurrency income has evoked mixed reactions from Indians. Some opine that the rate of 30% on cryptocurrency implies that the government puts it at par with betting and speculation. Some are relieved that at least a framework to tax cryptocurrency has been put in place.
What shall the episode cover?
To decode all these nuances and more, Taxsutra is delighted to present to you a special episode on "Crypto Transactions –Analysis of Tax Introduced in Union Budget 2022-23" in association with premier law firm “Lakshmikumaran & Sridharan [L&S]”. The session has been led by L&S Executive Partners, Mr. Badri Narayanan & Mr. Raghavan Ramabadran, who has primarily dwelled upon the newly introduced tax implications and challenges surrounding cryptocurrencies.
Key Highlights
1. Overview of Cryptocurrency and NFT
2. Definition of ‘virtual digital assets’ and implications
3. Legality and recognition of virtual digital assets
4. Crypto tax introduced in Union Budget 2022-23
- Taxability in the hands of investor
- Taxation in the hands of recipient on gift of Virtual Digital Assets
- Application of TDS provisions
5. Indirect tax implications under GST and Customs
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)
