Is cryptocurrency proceeding to be banned in India? So far, what we know
It all flinch when the cryptocurrency bill was count to the Centre’s legislative agenda for the Winter session of Parliament. Is cryptocurrency proceeding to be ban The bill, however, was not introduce during the winter or budget sessions.
The legality of cryptocurrencies in India has attracted attention, particularly since the government’s conclusionto tax virtual digital assets. Apart from clarifying surcharge on virtual digital assets, Union Finance Minister Nirmala Sitharaman. And top government officials have made statements about the future of cryptocurrency in the country.
BILL FOR CRYPTOCURRENCY
It all flinched when the cryptocurrency bill was count to the Centre’s legislative agenda for the Winter session of Parliament. Nevertheless, the bill was not present during the winter and budget sessions. Because the Centre wanted to hold more discussions to agree on the regulatory framework for cryptocurrency in India.
The eagerly anticipate bill aims to “create a facilitative framework for the creation of the authorize digital currency to be publish by the Reserve Bank of India.”
In addition, the proposed bill seeks to outlaw all private cryptocurrencies in India. However, according to the bill’s introduction date on the Lok Sabha website. It “allows for certain exceptions to passage the underlying technology of cryptocurrency also its uses.”
VIRTUAL DIGITAL ASSETS TAXATION
The Budget 2022-23 submits a 1% TDS on payments towards virtual currencies overextending Rs 10,000 per year and taxation of such gifts in the hands of the recipient. The TDS entry limit would be Rs 50,000 per year for specified persons, including individuals. And HUFs required to have their performances audited under the I-T Act.
Again, no deduction for any Other expenditure or allowance shall be allow when calculating income from transactions in such assets. It has also start that losses insure due to the transfer of virtual digital assets will not be allow to be offset against any other income.
