Cryptocurrencies including the non-fungible tokens (NFTs) are the most happening things at present around the world. India has one of the biggest markets in cryptos/ digital tokens, however they are still not recognised as legal tender.
Today, the Finance Minister Ms. Nirmala Sitaraman has introduced a new tax framework for cryptocurrency transactions. However, a new law to introduce RBI backed digital currency and regulate other cryptocurrencies (and possibly NFTs) is still awaited.
L&S is delighted to present to you a special webinar on "Crypto Transactions – Analysis of Tax introduced in Union Budget 2022-23". The session shall be led by our eminent tax expert Mr. Badri Narayanan, Executive Partner who shall dwell upon the newly introduced tax implications and challenges surrounding the cryptocurrencies. The session will be followed by a brief Q&A round.
During the session the speakers will illustratively cover following issues:
- Definition of ‘virtual digital assets’ and implications
- Legality and recognition of virtual digital assets
- Nature of income, deduction and cost of acquisition
- Taxability in the hands of investors
- Taxation in the hands of recipient on gift of Virtual Digital Assets
- Applicability of provisions of Equalization Levy and TDS
- Digital rupee and tax implications
- Tax implications in the hands of crypto-exchanges
- Indirect tax implications under GST and Customs
Speakers:
- Mr. Badri Narayanan, Executive Partner