ICAI’s research paper on cryptocurrencies is expected to be ready in a month and a half (Representational Image).
Currently, cryptocurrencies are not regulated in the country. Mitra said that once the investigative document is ready, it will be presented to the government.
- PTIA New Delhi
- Last updated:March 23, 2022, 10:27 AM IST
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ICAI’s top body of chartered accountant, ICAI, will prepare a research paper on cryptocurrencies that will cover various aspects, including tax implications. ICAI President Debashis Mitra said on Tuesday that the institute is working on a research paper on cryptocurrencies, which is expected to be ready in a month and a half.
Currently, cryptocurrencies are not regulated in the country. Mitra said that once the investigative document is ready, it will be presented to the government.
“We are taken aback,” Mitra told reporters here when asked about cryptocurrencies. The Union Budget 2022-23 has clarified the levy of income tax on crypto assets. As of April 1, a 30 percent IT plus cess and fees will be levied on such transactions in the same way as horse racing profits or other speculative transactions.
In addition, the budget proposed a 1 percent TDS on payments to virtual currencies of more than Rs 10,000 per annum and taxation of such gifts in the hands of the recipient. The threshold for TDS would be Rs 50,000 per year for certain individuals including individuals/HUFs who are required to have their accounts audited under the IT law.
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