CRYPTO TAX REPORTING RULES
ITR filing: Credit card and forex spend reported separately by banks in AIS, know the impact and what you can do
Income tax return: While filing your ITR make a note that banks are now reporting total forex spends as a separate category in addition to total credit card spends. According to Gopal Bohra, Partner, N.A. Shah Associates, "Transactions through international credit cards are currently exempt from TCS, and accordingly, banks do not collect TCS. However, banks report all remittances under LRS through TCS filing, irrespective of whether TCS is collected or not."
US Treasury finalises new crypto tax reporting rules
The new tax reporting requirements for crypto brokers aim to improve accuracy, ensuring that crypto owners pay the tax owed on digital asset transactions. The rules will help simplify reporting and may lead to additional IRS regulations for non-custodial brokers in the future.
Income tax relief: Budget 2024 may increase standard deduction under new income tax regime
Will Budget 2024 increase standard deduction: The Finance Minister in the 2023 Budget included a standard deduction of Rs 50,000 for salaried taxpayers and individuals getting pensions in the new tax regime. This standard deduction was made the automatic choice, unless taxpayers chose not to take it.
Budget may impose higher tax on F&O income by treating derivatives like lottery: Report
The government is reportedly planning to impose a higher income tax on F&O, treating it similarly to income from lotteries or cryptocurrencies in the upcoming Budget. This move aims to address concerns about retail traders losing substantial amounts in the derivatives market. Proposed changes include reclassifying F&O transactions from 'business income' to 'speculative income' and potentially introducing a TDS.
FIU slaps Rs 18.82 cr penalty on crypto exchange Binance
FIU imposes Rs 18.82 crore penalty on Binance for alleged anti-money laundering law violation.
FIU imposes Rs 18.82 crore penalty on crypto exchange Binance
In May, Binance had registered with the FIU as the exchange sought to resume operations in the country after the watchdog issued show-cause notices to nine offshore exchanges operating in violation of local rules.
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Will PM Modi continue to deprive Odisha of its fair share: Congress
The Congress has accused the central government of reducing Odisha's central funding and questioned whether Prime Minister Narendra Modi will continue this trend. Congress leader Jairam Ramesh highlighted that central transfers and the state's share of Union taxes have decreased, as noted by CAG reports. He also mentioned the stalled Sitalapalli rail wagon factory project and other delayed railway projects.
Ahmedabad may mandate EV charging in new buildings
Ahmedabad Municipal Corporation (AMC) plans to make EV charging stations mandatory in new buildings to promote electric vehicles (EVs). They are offering incentives for installing charging stations and converting their vehicle fleet to EVs in alignment with the Gujarat Electric Policy 2021.
Navigating the crypto universe: Insights from Coin DCX's Mridul Gupta
In a recent live stream on ETMarkets, Mridul Gupta, Chief Operating Officer of CoinDCX, delved into the intricate realm of cryptocurrency investments, offering valuable insights. Gupta explored fundamental concepts like Web3 and blockchain technology, highlighting the growing significance of cryptocurrencies as an emerging asset class.
CBIC orders release of imports without delay
Industry was facing delays in release of consignments and denial of free trade agreement benefits with authorities questioning value addition in third-party invoicing, ET reported on June 8.
Forex remittances worth Rs 50,000 crore under ED scanner
Delhi-based entity made illegal sale of cryptocurrencies, sent proceeds to Hong Kong and Canada. Bank officials too being probed for leaking info, helping accused. The agency has carried out searches on residences of one of the suspects, Manideep Mago, and his company, Birfa IT Services.
Banks seek one more month to comply with international card spend rule
Indian lenders are seeking a one-month extension from the government to comply with the Liberalised Remittance Scheme (LRS) for international credit card spends. The scheme allows Indian residents to remit up to $250,000 abroad in a financial year for permissible purposes such as education, travel, and investment. Last year, the government announced that forex transactions through credit cards would be covered under the scheme and charged 20% tax collected at source (TCS) beyond the threshold of ₹7 lakh per fiscal.
Big drug hauls in Punjab; nationally, seizures up 160% in a decade
Seizure of drugs by the Narcotics Control Bureau (NCB) across all states have gone up by 160% between 2014 and December 2023 when compared to 2006-2013, according to home ministry data. NCB has registered 210% more drug-related cases during the same period. In Punjab, which goes to polls on June 1, drones have been recovered and drugs seized, making it among one of the top states as far as drug seizures are concerned.
I-T dept asks taxpayers to link PAN with Aadhaar by May 31 to avoid higher TDS deduction
The income tax department urged taxpayers to link PAN with Aadhaar by May 31 to avoid higher tax deductions, as unlinked PANs incur double TDS rates. A circular allows no penalties for short TDS if linked by the deadline. Reporting entities must also file SFT by May 31 to avoid penalties.
Indian crypto investors take illegal routes to avoid tax burdern
Peer-to-peer trading through escrow services on banned crypto exchanges has increased five times during weeks of high trading volume in March and April, according to a study conducted by Delhi-based policy think tank Esya Centre.
SEBI considers regulatory role in crypto trading, diverging from RBI's approach. Here's what experts think
In a significant development within India’s crypto landscape, the Securities and Exchange Board of India (SEBI) has recommended several regulators oversee crypto trade nationwide.
Sebi suggests local regulators oversee crypto trading
Both sets of documents, which have been seen by Reuters, have been submitted to a government panel which is tasked with formulating policy for the finance ministry to consider. SEBI's stance has not previously been reported.
Mudrex partners with ClearTax to simplify crypto tax filing
Through this partnership, investors and traders using Mudrex will gain access to ClearTax's comprehensive suite of tax reporting tools.
CBAM, permanent establishment rules, transfer pricing key in India’s outbound FDI: EY
EY's report highlights how environmental concerns and clean energy challenges could impact Indian companies investing abroad. The report delves into areas like CBAM, transfer pricing, and investment rules, emphasizing the need for proactive measures. It also discusses FTA opportunities, global acquisitions, and risks related to BEPS rules, POEM, and intellectual property laws.
India’s crypto regulations can do with a HODL strategy
As the global crypto asset market progresses, India finds itself at a pivotal juncture. There’s an opportunity to chart a course that delicately balances innovation in this nascent but super exciting sector, together with risk management, while drawing invaluable insights from the regulatory experiences of other nations.
Low charges, high returns, income tax benefits — 5 reasons to choose NPS for retirement planning
The NPS for the general public completes 15 years this week. Over the years, the NPS has undergone many changes and become more investor friendly. The Pension Fund Regulatory and Development Authority (PFRDA) has made the scheme more flexible and introduced new features. It has also made it easier to open an NPS account. Here are five reasons why you should invest in it.
Govt may review tax sops offered to IFSC
The government may need to reconsider the tax incentives offered to units in the International Financial Services Centre (IFSC) in Gujarat due to the impact of Pillar Two of the Base Erosion Profit Sharing framework, according to a Deloitte report. Pillar Two aims to ensure that large multinational companies pay a minimum effective rate of tax of 15% on profits in all countries. Units in IFSC may not have enough employees and assets to avail of the benefits, so they will need to evaluate the overall tax impact in India after the implementation of Pillar Two rules.
ED searches, assets attachment, convictions rose exponentially during BJP rule compared to UPA era
While the opposition parties have alleged that the ED's action during the last decade was part of the BJP-led central government's "oppressive" tactics against its rivals and others, the Union government and the ruling party have asserted that the agency is independent and its investigations were purely based on merit and under the mandate to act against the corrupt.
Report all high-value transactions of FY23 by June 30: CBDT
CBDT mandated SROs to report high-value transactions by June 30. 6,000 entities failed to comply, lacking data. Form 61A enforcement in progress for Income Tax Act adherence.
Decoding tax rules for NRIs working remotely from India for foreign employers
The pandemic led to work flexibility, impacting NRIs with significant tax implications. The article discusses tax laws, DTAA, Act exemptions, TRC requirements, foreign assets reporting, and employer tax implications for NRIs opting for remote work.
New income tax rules: Tax dept expands scope for filing of appeals by officials; how this can impact taxpayers
Tax experts advocate for a cautious "wait-and-watch" approach, emphasizing that the extensive list of exceptions introduced could potentially result in heightened litigation for individuals, Indian corporations, and overseas entities.
No penal interest on TDS for crypto investors who failed to file the TDS return by May 31, 2023: CBDT
Virtual digital assets tax: Purchaser of virtual digital assets (VDA) like Bitcoin (BTC), Ethereum (ETH), Solana (Sol), Algorand (Algo), Shiba Inu (SHIB) etc should deduct TDS before making payment to any resident. Such TDS deducted must be reported using Form 26QE within a specified deadline. Failure to report it will attract penalties.
I-T dept gives trusts, institutions time till March 31 to file audit reports in correct form
Income of any fund or institution or trust or any university or other educational institution or any hospital is exempt from income tax subject to fulfilment of certain conditions. One of the conditions required to be fulfilled by the trust or institution in order to be eligible to claim exemption, is, that it is required to get its accounts audited and furnish the audit report in the prescribed Form No. 10B / 10BB before the specified date.
Centre wants Binance to comply with PMLA rules to resume operations
The government has rejected Binance’s plea to be allowed to resume operations in India in the interim since it is not yet ready to comply with the PMLA (Prevention of Money Laundering Act) guidelines.
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