Home Economic Times Cryptocurrency Analysis Paper: ICAI engaged on analysis paper on cryptocurrencies

Cryptocurrency Analysis Paper: ICAI engaged on analysis paper on cryptocurrencies

Cryptocurrency Analysis Paper: ICAI engaged on analysis paper on cryptocurrencies

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Chartered accountants’ apex physique ICAI might be getting ready a research paper on cryptocurrencies that may cowl numerous facets, together with taxation implications. ICAI President Debashis Mitra on Tuesday stated the institute is engaged on a analysis paper on cryptocurrencies, which is anticipated to be prepared in one-and-a-half months.

At the moment, cryptocurrencies are unregulated within the nation.

Mitra stated as soon as the analysis paper is full, it is going to be submitted to the federal government.

“We’re seized of the matter,” Mitra instructed reporters right here when requested about cryptocurrencies.

The Union Budget 2022-23 has introduced in readability in regards to the levy of earnings tax on crypto property. From April 1, a 30 per cent I-T plus cess and surcharges might be levied on such transactions in the identical method because it treats winnings from horse races or different speculative transactions.

Moreover, the funds proposed a 1 per cent TDS on funds in direction of digital currencies past Rs 10,000 in a yr and taxation of such presents within the fingers of the recipient.

The brink restrict for TDS can be Rs 50,000 a yr for specified individuals, which embrace people/HUFs who’re required to get their accounts audited beneath the I-T Act.

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