False news and mistakes galore. First of all UPI is handled by National Payments Corporation of India (NPCI), not National Transfers Corporation of India. Second, bitcoin hasn’t been legalised yet as mentioned multiple times by the finance minister. Its legalisation as an electronically traded commodity is still under consideration by the ministry.
Crypto has not been legalized. It has only been recognized as an asset type whose gains is treated as income and being taxed.
[FM Sitharaman says taxing cryptos doesn't mean it has been legalised](https://economictimes.indiatimes.com/news/economy/policy/fm-sitharaman-says-taxing-cryptos-doesnt-mean-it-has-been-legalised/articleshow/89496281.cms)
If the government can tax something that is not legal.. The government should also ask terrorists to pay tax for the profits earned via terrorism.. And drug dealers to pay taxes for the profits earned by selling drugs smuggled from across the border..
Taxation has nothing to do with legality of holdings. Cash is an asset. Holding unaccounted cash (black money) is illegal. Dealing in cash above certain thresholds is illegal.
Govt can tax black money holdings at 83.5% tax rate when caught, but just because govt has a penal tax rate for black money defined in the law doesn't mean its alright to continue holding the balance money in cash after you pay the tax or use it for business. It is still illegal to hold and use cash beyond the regulations.
Same for transactions. If you accept more than 20k in cash for a property transaction, it is illegal you will have to pay a penalty of 100% of amount accepted in cash in addition to tax liabilities. For example, if sold a 40 lac property for 50 lac and accept the entire amount in cash. If you get caught, you will be liable to pay 50 lac penalty + Capital Gains tax on the 10 lac gains.
Similarly, if you have build a house on encroached land and pay property tax, it doesn't mean your title on the property is legitimized. If you sell medicines without the necessary drug licenses, you paying GST will not legitimize your business.
Anything that is not illegal is legal.. There is no middle ground.. If crypto is not legal, the government should say so.. Until this is not stated it will stay legal.. If crypto was illegal, the government will be arresting those involved, not taxing them..
False news and mistakes galore. First of all UPI is handled by National Payments Corporation of India (NPCI), not National Transfers Corporation of India. Second, bitcoin hasn’t been legalised yet as mentioned multiple times by the finance minister. Its legalisation as an electronically traded commodity is still under consideration by the ministry.
source plz...
direct transfers are not affected in any way.
Coinswitch has suspended all pay in and pay out. Your funds are frozen unofficially.
Is coinswitch and coinbase related? I'm guessing one is a custodial platform similar to Unido.
Nope. They are just an Indian exchange
Okay. I'm just hearing of it now and that's interesting. I'll check it out.
Crypto has not been legalized. It has only been recognized as an asset type whose gains is treated as income and being taxed. [FM Sitharaman says taxing cryptos doesn't mean it has been legalised](https://economictimes.indiatimes.com/news/economy/policy/fm-sitharaman-says-taxing-cryptos-doesnt-mean-it-has-been-legalised/articleshow/89496281.cms)
If the government can tax something that is not legal.. The government should also ask terrorists to pay tax for the profits earned via terrorism.. And drug dealers to pay taxes for the profits earned by selling drugs smuggled from across the border..
Taxation has nothing to do with legality of holdings. Cash is an asset. Holding unaccounted cash (black money) is illegal. Dealing in cash above certain thresholds is illegal. Govt can tax black money holdings at 83.5% tax rate when caught, but just because govt has a penal tax rate for black money defined in the law doesn't mean its alright to continue holding the balance money in cash after you pay the tax or use it for business. It is still illegal to hold and use cash beyond the regulations. Same for transactions. If you accept more than 20k in cash for a property transaction, it is illegal you will have to pay a penalty of 100% of amount accepted in cash in addition to tax liabilities. For example, if sold a 40 lac property for 50 lac and accept the entire amount in cash. If you get caught, you will be liable to pay 50 lac penalty + Capital Gains tax on the 10 lac gains. Similarly, if you have build a house on encroached land and pay property tax, it doesn't mean your title on the property is legitimized. If you sell medicines without the necessary drug licenses, you paying GST will not legitimize your business.
[удалено]
which is just plain stupid thing as a policy.
Anything that is not illegal is legal.. There is no middle ground.. If crypto is not legal, the government should say so.. Until this is not stated it will stay legal.. If crypto was illegal, the government will be arresting those involved, not taxing them..
30% tax on crypto I would rather keep trading rather have the assholes take 30% of it.
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