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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

More professionals to come under TDS

September 26, 2008
To keep pace with the country’s booming services sector, the finance ministry is considering a proposal to expand the scope of tax deduction at source (TDS) to include a host of professionals under it. To this effect, the Central Board of Direct Taxes (CBDT) is planning to broaden the definition
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Gujarat PSEs set aside funds for social welfare

September 26, 2008
After the state-owned Gujarat Industries Power Co Ltd (GIPCL) agreed to set aside 30 per cent of their Profit Before Tax (PBT) to carry out welfare activities across the state, another listed Public Sector Enterprise (PSE) of the Gujarat government, Gujarat Mineral Development Corporation (GMDC) followed suit on Wednesday.
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Third-party data to check duty evasion

September 26, 2008
The Central Board of Excise and Customs (CBEC) will notify a mechanism next month for tapping third-party information to nail excise duty evasion by manufacturers. The department will collect the data from the VAT departments of states, electricity companies and raw material suppliers. “Third-party information is one of the measures
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Sweden to cut income tax again

September 26, 2008
Sweden to cut income tax again Will we ever see reduction of any taxes in India? Even if tax and law compliance procedures are simplified, collected taxes are used with integrity and corruption reduced, it’s more than enough.
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