Tax Laws

An internal committee of the Income Tax Department will review the 1961 direct tax law to eliminate redundant clauses as well as adopt best global practices to simplify it for taxpayers for better compliance, CBDT chief Ravi Agrawal has said.

South Korea has deployed a list of rules to be followed by crypto companies. This legal framework is aimed at controlling and eventually curbing the exploit of crypto assets for illicit activities like money laundering and terror financing.

India could fetch Rs. 5,144 crores through capital gains in the next three years by 2026 – only if India revises its crypto laws. The finding was published in a policy paper compiled by the Centre for Tax Laws, Hyderabad-based NALSAR University of Law, and some individual members of the Indian crypto community.

In the coming days, over 600 cryptocurrencies will reportedly be re-examined by exchanges in South Korea to see whether they meet the regulatory standards laid out by Seoul. The crypto tokens that fail to meet the regulatory standards will be delisted by exchanges, as per the report. The exchanges are said to provide information about the same to t...

The Indian crypto circle has been waiting for FM Sitharaman to revise the tax laws imposed over the crypto sector. Despite the outcry, the finance minister did not announce any taxation relief for the crypto sector while presenting the interim annual budget earlier this year. Her re-appointment to the finance minister’s position has sparked conce...

The BWA, in a recent announcement, listed some immediate steps that the upcoming government could consider aiming to grow the blockchain-based sector. Providing escrow accounts and banking services for owners of Web3 businesses, allowing offsetting of losses, and reducing the one percent TDS tax law to 0.01 percent are among suggestions given by th...

Indian Overseas Congress chief Sam Pitroda's remarks on the US's inheritance tax have sparked a political whirlpool here in India amid the ongoing Lok Sabha elections.

Avinash Shekhar, the CEO of Taxnodes has pointed out that crypto tax compliance in India has continued to be ‘very low’ since these taxes were levied back in 2022. He has reminded the community that discipline and compliance is the way to gain the government’s trust on India’s crypto circle.

Arming up to tackle this expected rise in crypto tax evasion cases, the IRS in the US is already forging partnerships with several law enforcement divisions to improve the criminal identification process.

KuCoin has become the latest international crypto exchange to have completed compliance with India’s FIU. The tax deduction process on KuCoin for Indian investors and traders will begin on April 10 and the authorities will deposit the amount to India’s financial authorities.

Income tax notices to the Indian National Congress were issued back in March 2023 and the assessment proceedings demanded for those seven years, as per law, were set to get time barred on March 31, 2024, according to sources.

The Congress lost income tax exemption in 2018-19 due to extensive use of cash in the electoral process, sources said, justifying that Rs 135 crore tax recovery from the party was consistent with the provisions of the Income Tax Act.

In the absence of a set rulebook for crypto, India levied taxes on crypto profits last April. KoinX founder Punit Agarwal has conveyed to the Indian crypto investors that the government is maintaining a strict oversight on all tax-work related to crypto transactions in India.

Unaccounted cash, illicit liquor and other items worth more than Rs 38.34 crore have been seized from separate places in the state till Sunday (October 29), he said.

Newly constructed flats and a building complex in Varanasi and bank deposits worth about Rs 50 crore have been attached under the anti-benami properties law by the Income Tax department as part of its probe.

An internal committee of the Income Tax Department will review the 1961 direct tax law to eliminate redundant clauses as well as adopt best global practices to simplify it for taxpayers for better compliance, CBDT chief Ravi Agrawal has said.

South Korea has deployed a list of rules to be followed by crypto companies. This legal framework is aimed at controlling and eventually curbing the exploit of crypto assets for illicit activities like money laundering and terror financing.

India could fetch Rs. 5,144 crores through capital gains in the next three years by 2026 – only if India revises its crypto laws. The finding was published in a policy paper compiled by the Centre for Tax Laws, Hyderabad-based NALSAR University of Law, and some individual members of the Indian crypto community.

In the coming days, over 600 cryptocurrencies will reportedly be re-examined by exchanges in South Korea to see whether they meet the regulatory standards laid out by Seoul. The crypto tokens that fail to meet the regulatory standards will be delisted by exchanges, as per the report. The exchanges are said to provide information about the same to t...

The Indian crypto circle has been waiting for FM Sitharaman to revise the tax laws imposed over the crypto sector. Despite the outcry, the finance minister did not announce any taxation relief for the crypto sector while presenting the interim annual budget earlier this year. Her re-appointment to the finance minister’s position has sparked conce...

The BWA, in a recent announcement, listed some immediate steps that the upcoming government could consider aiming to grow the blockchain-based sector. Providing escrow accounts and banking services for owners of Web3 businesses, allowing offsetting of losses, and reducing the one percent TDS tax law to 0.01 percent are among suggestions given by th...

Indian Overseas Congress chief Sam Pitroda's remarks on the US's inheritance tax have sparked a political whirlpool here in India amid the ongoing Lok Sabha elections.

Avinash Shekhar, the CEO of Taxnodes has pointed out that crypto tax compliance in India has continued to be ‘very low’ since these taxes were levied back in 2022. He has reminded the community that discipline and compliance is the way to gain the government’s trust on India’s crypto circle.

Arming up to tackle this expected rise in crypto tax evasion cases, the IRS in the US is already forging partnerships with several law enforcement divisions to improve the criminal identification process.

KuCoin has become the latest international crypto exchange to have completed compliance with India’s FIU. The tax deduction process on KuCoin for Indian investors and traders will begin on April 10 and the authorities will deposit the amount to India’s financial authorities.

Income tax notices to the Indian National Congress were issued back in March 2023 and the assessment proceedings demanded for those seven years, as per law, were set to get time barred on March 31, 2024, according to sources.

The Congress lost income tax exemption in 2018-19 due to extensive use of cash in the electoral process, sources said, justifying that Rs 135 crore tax recovery from the party was consistent with the provisions of the Income Tax Act.

In the absence of a set rulebook for crypto, India levied taxes on crypto profits last April. KoinX founder Punit Agarwal has conveyed to the Indian crypto investors that the government is maintaining a strict oversight on all tax-work related to crypto transactions in India.

Unaccounted cash, illicit liquor and other items worth more than Rs 38.34 crore have been seized from separate places in the state till Sunday (October 29), he said.

Newly constructed flats and a building complex in Varanasi and bank deposits worth about Rs 50 crore have been attached under the anti-benami properties law by the Income Tax department as part of its probe.