Cryptocurrency Analysis Paper: ICAI engaged on analysis paper on cryptocurrencies

Chartered accountants’ apex physique ICAI can be getting ready a analysis paper on cryptocurrencies that may cowl varied points, together with taxation implications. ICAI President Debashis Mitra on Tuesday mentioned 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 mentioned as soon as the analysis paper is full, it will likely be submitted to the federal government.

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

The Union Funds 2022-23 has introduced in readability in regards to the levy of revenue tax on crypto property. From April 1, a 30 per cent I-T plus cess and surcharges can 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 the direction of digital currencies past Rs 10,000 in a yr and taxation of such items within the fingers of the recipient.

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