Indian Parliament’s budget session is all set to begin on January 30, 2022. The budget for the fiscal year 2022-2023 will be presented in the Parliament. One of the most awaited things in this budget would be the governments’ bill on regulating and functioning of Crypto market in India.
TDS and TCS on crypto transactions
As reported by the Economic Times, Nangia Andersen LLP Tax Leader Aravind Srivatsan said that considering the size of the market, the amount involved, and the risk in the market, certain changes could be brought in taxation of cryptocurrencies. Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) could be levied on selling and purchasing cryptocurrencies above a certain level. To report to tax authorities, such transactions should also be brought within the ambit of the specified transaction.
Like winning the lottery, game shows, puzzles, etc, a higher tax rate of 30 percent should be imposed on income arising from the sale of Cryptocurrency, Srivatsan said.
SFT for Crypto Transactions
According to Srivatsan, the sale and the purchase of Crypto should be under SFT. Statement of Financial Transactions (SFT) or reportable account in the Income Tax law keeps a watch on high-value transactions undertaken by taxpayers. The trading companies have already reported the sale and purchase of mutual funds under SFT. Financial Institutions, companies, and stock market intermediaries fall under SFT reporting.
Was scheduled in the winter session
A bill on regulating cryptocurrencies was listed in the 2021 winter session of the Parliament. It was brought after many concerns of digital currencies being allegedly used to lure investors with misleading claims. Right now, no govt. bill regulates or bans cryptocurrency in the country.
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