Transactions to paper trail: CBDT clears the air on TDS levy on cryptos The Central Board of Direct Taxes (CBDT) has issued detailed guidelines on facilitating tax deducted at source (TDS) on virtual digital assets (VDA) or crypto assets, under which date of transfer and mode of payment will have to be specified. Read More…
The income tax department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified. From July 1, tax deducted at source (TDS) of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies…
The income tax department on Wednesday said the 1 per cent TDS on transfer of virtual digital assets would be levied on net transaction value and the onus of deducting the tax would primarily be on the exchanges. The Central Board of Direct Taxes (CBDT) issued an FAQ on the TDS provisions on virtual digital…
The Goods and Services Tax (GST) Council is unlikely to take a call on taxing virtual digital assets (VDA) or crypto assets in its upcoming meeting and may ask two states, Haryana and Karnataka, to study the nature and taxability of various activities in the crypto ecosystem. The Council is set to meet on June…
FalconX, a digital asset trading platform and brokerage for institutional investors, has doubled its valuation to $8 billion, despite a major market downturn for crypto. The San Mateo, California-based startup said Wednesday that it had raised $150 million in a Series D funding from investors led by GIC and B Capital, a previous investor. Thoma…
Job postings for cryptocurrency, blockchain, NFTs have grown 804 per cent between April 2020 to April 2022, according to a report. The report by global job portal Indeed also revealed an acceleration in the market’s demand. In 2022, the increase was 315 per cent. Job postings in April 2022 were 15 times more than in…
Running a business is both a rewarding and a challenging experience. While it can be exciting to be your own boss and build something from scratch, there are also a lot of responsibilities that come with being a business owner. One such is ensuring that the cash flow is healthy and consistent. You can pay…
Crypto lending may not be down and out, but it’s certainly on the ropes. Crypto lenders have boomed over the past two years, attracting tens of billions of dollars in bitcoin, ether and other coins which they in turn lent out or invested, often in decentralized finance (DeFi) projects with sky-high returns. But as crypto…
Fake cryptocurrency exchanges have duped Indian investors of more than $128 million (nearly Rs 1,000 crore) as the global crypto market tanks, a new report claimed on Tuesday. Cyber-security company CloudSEK said it has uncovered an ongoing operation involving several phishing domains and Android-based fake crypto applications. “This large-scale campaign entices unwary individuals into a…
European benchmarks were higher Monday after most Asian markets retreated, while the price of bitcoin hovered near USD 20,000. US futures advanced and oil prices fell back early Monday. The price of the world’s most popular cryptocurrency remained near the psychological benchmark of USD 20,000 after bouncing during the weekend. At one point, bitcoin plunged…
