Cryptocurrency to be banned in India? What we know so far
India Today
It all started with the listing of the cryptocurrency bill in the Centre's legislative business for the Winter session of Parliament. However, the bill was not introduced in the winter and Budget sessions.
The question over the legality of cryptocurrencies in India has garnered eyeballs, especially after the government's move to tax virtual digital assets. Apart from providing clarity on taxation on virtual digital assets, Union Finance Minister Nirmala Sitharaman and top officials of the government have given statements on the future of cryptocurrency in the country.
Let's take a look at what has been said regarding the cryptocurrency.
It all started with the listing of the cryptocurrency bill in the Centre's legislative business for the Winter session of Parliament. However, the bill was not introduced in the winter and Budget sessions as the Centre aimed to hold more parleys in order to build consensus on the regulatory framework for Cryptocurrency in India.
The much-awaited bill seeks to "create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India."
The proposed bill also seeks to prohibit all private cryptocurrencies in India. However, it "allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses," according to the bill listed for introduction on the Lok Sabha website.
The Budget 2022-23 has proposed a 1 per cent TDS on payments towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient. The threshold limit for TDS would be Rs 50,000 a year for specified persons, which include individuals/HUFs who are required to get their accounts audited under the I-T Act.
Also, no deduction in respect of any expenditure or allowance shall be allowed while computing income from transactions in such assets. It has also specified that losses from the transfer of virtual digital assets will not be allowed to be set off against any other income.
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