WebJul 8, 2024 · Bimal Jain. Bimal has more than 21 years of experience in Indirect Taxation – GST, Service tax, Excise, Customs, VAT/CST, Foreign Trade Policy, DGFT matters, etc. WebJun 10, 2024 · The exponentially growing digital and crypto economies and their popularity have led the Government of India to introduce the Scheme for taxation of Virtual Digital Assets (VDA). It is pertinent to note that the Government had previously proposed schemes to regulate the taxation of VDAs under the Finance Bill, 2024 ([2024] 440 ITR (St.) 59).
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WebMar 22, 2024 · The Finance Minister of India, Nirmala Sitharaman, during her announcement of India’s Union Budget 2024, introduced specific proposals to tax virtual digital assets (VDAs), including cryptocurrencies.A VDA is defined to have various elements, many of which are comparable to the definition of “virtual currency” as defined by the Financial … Webraised in relation to the taxation of virtual digital assets (VDA), as proposed in the Finance Bill, 2024. Background The Finance Minister while presenting the Budget for the year 2024-23 mentioned that there was a phenomenal increase in transactions involving virtual digital assets (VDA), and the magnitude and mike ice cream
Taxability of Virtual Digital Assets - taxguru.in
WebFeb 1, 2024 · NEW DELHI: Finance Minister Nirmala Sitharaman finally shed light on tax liabilities for virtual assets like cryptocurrencies and said that income from any digital … WebFeb 1, 2024 · Finance Minister Nirmala Sitharaman has announced levying a 30 percent income tax on crypto gains. Gifting the virtual assets will also attract taxes, she said, in the hands of the recipient. Plus, loss from the transfer of cryptos cannot be set off against any other income, she added. Experts say while the tax was always applicable, the industry … WebOct 30, 2024 · Section 115BBH has been inserted by Finance Act, 2024 the section provides that income resulting from transactions in Virtual Digital Assets on and after 01-April … new westminster hyack festival association