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How Cryptocurrencies Are Taxed In India

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July 14, 2022
[Source: forbes.com; Authors: Justin M Bharucha, Aashika Jain] Cryptocurrencies and non-fungible tokens (NFTs) are presently unregulated in India. While the Reserve Bank of India (RBI) had sought to ban cryptocurrencies in 2018, the Supreme Court quashed the attempted ban leaving cryptocurrencies in regulatory limbo – neither illegal nor, strictly speaking, legal. NFTs do not appear to have attracted the same
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Govt planning to launch lottery offer under the GST from 1 April

[Source: www.livemint.com] We had earlier shared you a news item (Economic Times) that India should adopt Singapore’s ‘GST voucher scheme’ to help lower, middle income groups. It seems the government is planning to adopt the idea. The government is planning to launch lottery offer under the Goods and Services Tax

Flipkart challenges Gujarat entry tax on online sale in HC

April 30, 2016
[Source: timesofindia.indiatimes.com] The Gujarat high court on Thursday issued notice to the advocate general and state authorities concerned over a petition filed by India’s largest online marketplace Flipkart Internet Pvt Ltd objecting to state government’s law levying entry tax on goods sold in Gujarat through online shopping. This happened after
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CBDT suggests “Equalisation Levy” of 6-8% on B2B deals

March 22, 2016
A CBDT committee on taxation of e-commerce has suggested a "Equalisation Levy" of 6-8% for business-to-business deals with a view to tax digital transactions. Based on the recommendations of the committee, which had submitted its report to the government in February, Finance Minister Arun Jaitley in his Budget proposed an
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Taxman gets new tech tool to identify, kill duplicate PAN

March 22, 2016
After years of labour, the I-T department has finally got a new technology tool to check duplicate PAN cards, allowing them to ‘kill’ it. An ambitious electronic platform called the Income Tax Business Application-Permanent Account Number (ITBA-PAN) has been operationalised. It will help the taxman and PAN issuing intermediaries identify
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High Court Shocked At Loot Of Taxpayers Funds By Corrupt Babus. Calls For Non-Cooperation Movement By Taxpayers To Eradicate “Hydra Headed Monster” Of Corruption

February 17, 2016
[Source: itatonline.org] Hon’ble Justice A. B. Chaudhari of the Nagpur Bench of the Bombay High Court has passed severe strictures against the Government for turning a blind eye to the rampant corruption in the Country. The learned Judge lamented that “It shocks one and all as to the manner in
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Long-term FMP Investors Face Almost Zero Tax Now

August 29, 2014
Investors in short-term debt funds may be ruing the changes in tax rules but long-term investors have plenty to smile about. They are still eligible for a tax bonanza, thanks to the indexation benefit available on investments of more than three years. If you invested in a three year fixed-maturity
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