Taxmanns Taxation Of Virtual Digital Assets Basic Primer Analysing The New Scheme Of Taxation From An Income Tax Gst Perspective Including Cryptocurrencies Nfts Finance Act 2022 Edition
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| Author | : Taxmann |
| Publisher | : Taxmann Publications Private Limited |
| Total Pages | : 18 |
| Release | : 2022-04-23 |
| Genre | : Law |
| ISBN | : 935622174X |
This one-of-a-kind book provides a complete analysis (from an Income-tax & GST perspective) of the new scheme of taxation of Virtual Digital Assets (VDAs), which includes Cryptocurrencies and Non-fungible Tokens (NFTs). This book helps the reader to understand the following: • Basic Concepts & Ecosystem of VDAs • Difference between the New & the Old Scheme of taxation of VDAs • GST Implications on VDAs • Current Tax Challenges This book also explains the essential taxonomy of the following: • Crypto Assets • NFTs • Blockchain Technology • Distributed Ledger Technology • Airdrop • Mining, etc. The Present Publication is the First Edition, authored by Taxmann's Editorial Board. This book is amended by the Finance Act 2022 and addresses the following critical issues w.r.t. to VDAs: • All foreign currencies have been kept out of the meaning of VDA. Why Bitcoin is a • VDA even if El Salvador has adopted Bitcoin as its official currency? • How to determine the situs of VDA for taxability in the hands of a non-resident? • Head in which the income from transfer of VDA should be taxed? • How should the income from the lending of cryptocurrencies be taxed? • Whether mining of cryptocurrencies is a taxable event? • How to determine the cost of acquisition of mined cryptocurrencies? • Tax implications if VDAs are lost or stolen • How to determine the fair market value of VDAs? • Whether Section 87A rebate and maximum exemption limit allowed from income from VDAs? • Treatment of losses incurred from transfer of VDAs on or before 31-03-2022 • How to compute the income from the transfer of VDA before 01-04-2022? • How to compute the TDS under Section 194S in case of an exchange of one VDA foranother VDA? • Whether VDA is money, legal tender, or security? • Whether VDA is a good or service? • Whether services by foreign crypto exchanges are OIDAR services? The detailed contents of the book are as follows: • Concept of Virtual Digital Asset • Meaning of Virtual Digital Asset • Scheme of Taxation of Virtual Digital Asset on or after 1-4-2022 • Transfer of Virtual Digital Asset without or for inadequate consideration on or after 1-4-2022 • Deduction of tax at source under Section 194S • Scheme of taxation of Virtual Digital Asset before 1-4-2022 • Taxability of cryptocurrency under the GST law
| Author | : Aleksandra Bal |
| Publisher | : Kluwer Law International B.V. |
| Total Pages | : 356 |
| Release | : 2018-11-29 |
| Genre | : Law |
| ISBN | : 9403501049 |
The emergence of convertible decentralized virtual currency schemes confronts tax authorities with unprecedented questions, among them are the status of virtual currency for tax purposes, which virtual transactions may bene?t from a VAT exemption and determining the most optimal method of tax regulation. This ?rst book-length treatment of this major current topic provides an in-depth and comprehensive analysis of the tax implications of virtual currency transactions. Seeking to ascertain whether virtual currency requires additional regulation or whether the law as it stands is adequate to administer its usage, the analysis not only thoroughly explains the nature of the underlying blockchain technology and its regulatory and judicial treatment so far but also identi?es best practices for virtual currency transactions and makes recommendations for the improvement of the existing tax systems. Among the aspects of the phenomenon covered are the following: – particular aspects of virtual currency use such as smart contracts and initial coin offerings; – comparative review of income tax consequences of virtual currency transactions in Germany, the Netherlands, the United Kingdom and the United States; – VAT/sales tax treatment of transactions involving virtual currency in the European Union and the United States; – methodology for creating an effective regulatory framework for the taxation of virtual currency; and – the future of blockchain. The book has three parts and an annex that describes tax regulations, administrative rulings and court decisions concerning virtual currency in twenty countries. In its in-depth analysis of tax implications of virtual currency transactions in major economies, detailed overview of recent tax developments that affect virtual currency transactions and evaluation of tax policies related to virtual currencies, this book has no peers. Especially in view of the OECD's examination of the tax challenges presented by the digital economy as part of its base erosion and pro?t shifting (BEPS) project, this clear and comprehensive explanation of the functioning of virtual currency and blockchain technology will be welcomed by tax administration of?cials and by persons mining and transacting in virtual currencies needing to know their compliance obligations.
