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Taxmann Taxation of Virtual Digital Assets

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Taxmann Taxation of Virtual Digital Assets

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).

Taxation of Virtual Digital Assets

200

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Taxmann Taxation of Virtual Digital Assets Description

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 for another 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

Taxmann Taxation of Virtual Digital Assets

Publisher

Language

Authors

Binding Type

Edition

Date of Publication