Cryptocurrency Tax: Tax on cryptocurrencies is going to increase the difficulty of these people, it is going to be curd of brain


Posted on 9th Feb 2022 04:06 pm by rohit kumar

Mumbai: The government's decision to bring cryptocurrency transactions under the tax net is going to create a new problem for crypto exchanges. Experts say that this difficulty will be in the form of an equalization levy. This is because in most cases crypto assets are bought by Indian citizens through crypto exchanges from people who live outside India. The equalization levy applies to foreign players and is applicable when the services are sold by non-Indians.

 

Experts say that there are many instances where there is no clarity on whether the seller in the crypto transaction is based in India or not as most of the crypto exchanges are based outside the country. It is also the case that in many cases exchanges will be covered in the definition of e-commerce players for the 2 percent equalization levy.

 

how to grow difficult

Paras Savla, partner, KPB & Associates, says that in case of transactions done through crypto exchanges, the exchanges can be made intermediate for TDS collection. Experts say that when exchanges try to comply with this, they will have to first deduct TDS and then enter it in their books. Eventually, it will attract an equalization levy.

 

According to Rahul Garg, managing partner, Aspire Consulting, if exchanges are required to comply with withholding requirements, they will have to come to the money flow where they first collect the total amount of the transaction and then pay the seller after withholding of taxes. Will have to do This could lead to several tax compliances before the exchanges, including if the buyer is a citizen of India, crypto exchanges would be subject to the e-commerce equalization levy. This is because most of the exchanges are located outside India.

1 Like 0 Dislike
Previous news Next news
Other news

Wrestler Satinder Malik attacks referee during Commonwealth Games trials, gets life ban

Ban On Satender Malik: Army wrestler Satender Malik attacked referee Jagbir Singh after losing th

Delhi Kanjhawala Case: My friend was drunk, yet she insisted and drove the scooty; The friend of the deceased said in the inquiry

In the Sultanpuri accident, the Delhi Police found eyewitnesses. The friend of the deceased made

Blast at Srinagar police station, nine dead: Mistake or terror... How did the Nowgam blast happen? The explosion shook the entire area.

A massive explosion rocked the Nowgam police station in Srinagar, Jammu and Kashmir, around 11:20

India Vs Pakistan : Pakistani players clashed with the Indian coach during the match, the referee showed a red card

The SAFF Championship 2023 match was played between India and Pakistan. India beat Pakistan 4-0.

Partygate Scandal: British PM Boris Johnson won the no-confidence motion, got the support of 211 MPs

British Prime Minister Boris Johnson, surrounded by the Partygate scandal, has won the trust vote

Kunal Kamra: 'Such comedy is not tolerated, Kunal Kamra should apologize', Fadnavis said bluntly in the matter of comment on Shinde

Comedian Kunal Kamra has had to pay a heavy price for commenting on Maharashtra Deputy Chief Mini

A new pattern of crime in the country: Only accused and victim are different in Udaipur, Amaravati, and Mangaluru, 12 things common in all three murders

How the Bharatiya Janata Yuva Morcha (BJYM) city president Praveen Nettaru (32) was murdered in M

'Mamata can do anything with CAA...', Shah warned and said - BJP government will soon form in Bengal too

Amit Shah warned Mamata on CAA Union Home Minister Amit Shah has given a big statement today rega

Suryakumar Yadav jumps 44 places in ICC T20I rankings, reaches top-5 for the first time

In the ICC T20I Rankings, Indian batsman Suryakumar Yadav has made his place in the top-5 of the

Sanam Teri Kasam Re-Release: 'Sanam Teri Kasam' will rock the box office on the very first day, tickets worth so many crores sold.

The 2016 classic cult movie Sanam Teri Kasam has been released in theatres again. Surprisingly, t

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash