As India's crypto community grapples with a controversial new tax law, crypto businesses and lawyers are exploring the plausibility of a legal challenge and they may just have a strategy. By amitoj
The crypto tax law enforces a 30% tax on profits from crypto transactions, effective April 1. Traders will not be able to set off losses from other crypto transactions. Crypto gifts within a family would be exempt, but gifts above Rs. 50,000 outside the family would be taxable once in the hands of recipients.
The Reserve Bank of India , the nation’s central bank, issued a circular that effectively prevented banks from providing services to crypto exchanges in 2018. The nation's Supreme Court struck down the RBI circular in March 2020, in a clear victory for the crypto community. “Approaching the courts might just be the only recourse … especially regarding TDS, more than the tax rate itself. The TDS rate and provision is arbitrary and will severely impact operations. On the TDS, I do believe there is a solid case to be made and that’s something we have looked at,” Rastogi said.
The provisions may be challenged for violating the fundamental right enshrined in the constitution of the Right To Trade or Article 19 which states that “All citizens shall have the right to practise any profession, or to carry on any occupation, trade or business,” he said. Rajat Mittal, a tax counsel in India's Supreme Court advising crypto businesses, said “the Supreme Court is unlikely to interfere in a challenge to imposition of the 30% tax since the government’s policy decisions are not subject to judicial review.”
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
Colombian Tax Authority Warns About Consequences of Not Declaring Crypto Related Taxes – Taxes Bitcoin NewsThe Colombian tax authority (DIAN) has reminded taxpayers about their duty of declaring cryptocurrency assets in their tax statements starting this year.
続きを読む »
NYC posting billboards in Florida denouncing 'Don't Say Gay' law, inviting LGBTQ+ to cityNew York City is launching a campaign denouncing Florida's 'Don't Say Gay' law with five billboards across the Sunshine State inviting Floridians to move to New York City.
続きを読む »
This Second Grader Has More Common Sense Than Ron DeSantisEight-year-old Sawyer Robbins says Florida’s new “Don’t Say Gay” law is a real head-scratcher.
続きを読む »
Kazakhstan Auditors Go After Crypto Miners Accused of Exploiting Tax Benefits – Mining Bitcoin NewsAuthorities in Kazakhstan have found several businesses minting digital currencies that took advantage of tax cuts offered to IT companies.
続きを読む »
Indonesian Government Sets Crypto Tax at 0.1% to Be Levied Starting in May – Taxes Bitcoin NewsThe Indonesian government has decided to tax capital gains income from crypto investments at 0.1% starting in May. In addition, value-added tax (VAT) of the same rate will be levied on crypto purchases.
続きを読む »
Two men besides lone survivor initially survived Knik Glacier heli-ski crash, new court filings sayCzech billionaire Petr Kellner and renowned guide Greg Harms died waiting for rescue delayed by a lack of immediate alerts, according to documents filed in separate federal court cases.
続きを読む »