Category Archive : India

cryptocurrency tax: Making money from cryptocurrency trading? Know how your earnings are taxed

New Delhi: Cryptocurrency isn’t just a Millennial or Generation-Z fad anymore as more institutions have started adopting this new-age asset class. But now the question is how to pay taxes on these transactions.

The Indian government is planning to compartmentalise virtual currencies and their tax treatment on the basis of their use case — payments, investment, or utility. Crypto trading is likely to see a formal taxation structure as the Ministry of Finance has reportedly formed a committee to find out if income made by crypto-trading could be taxed.

Ketan Dalal, Founder at Katalyst Advisors, said cryptocurrencies are a nascent asset class, even for tax experts, and no separate guidelines have been issued for this asset class. It will be helpful if the government clarifies taxation on cryptocurrencies, he added. “The picture will be more clear once a draft crypto law comes into the public domain.”



Unlike listed securities, where short-term capital gains is applicable at a flat rate of 15 per cent, income from cryptocurrencies are taxable according to the tax slab of the investors, with a cess of 4 per cent. If the total taxable income of an investor, excluding short-term gains, is below the taxable income, that is Rs 2.5 lakh, one can adjust this shortfall against the short-term gains. Long-term capital gain on crypto assets attract a capital gains tax of 20 per cent, where the investor will get the benefit of indexation. “If shares are held for more than a year, it is considered as capital gains. But no such criterion is set for cryptocurrencies,” Dalal said. “The tax rules on such assets should apply like any other capital asset.”

There is no embargo on cryptocurrencies, making them an exception, said Amit Singhania, Partner, Shardul Amarchand Mangaldas and Company. Unlike listed securities, where short-term capital gains is applicable at a flat 15 per cent, the income from cryptocurrencies are taxable according to the tax slab of the investors, with the…

Read more at economictimes.indiatimes.com

Diwali 2021 Cryptocurrency Investment 5 Big Benefits You Can Avail

New Delhi: Festivals are celebrated with great valor in our country. Several people tend to wait for such festivals to make auspicious purchases. Purchase of gold is usually customary during Diwali. With the global financial system evolving and investors becoming more aware, several Indians are actively investing in cryptocurrencies.Also Read – Bigg Boss 15: Not Vidhi Pandya But Simba Nagpal Should Have Been Eliminated | India.com Twitter Poll

  1. Cryptocurrencies are a great hedge against inflation and the printing of money by the various central banks. Diversifying investments across asset classes such as crypto can provide a much needed boost to one’s portfolio.
  2. Several platforms are raining incentives to users looking to begin their investment journey in the crypto space.
  3. After months of being under pressure, Bitcoin recently managed to create a new all-time-high. It proves the fact that patience does pay off. Despite this rally in BTC, there are some high potential altcoins that are still undervalued. The festival season might just be the perfect time to diversify investments across some of these altcoins, such as Polkadot.
  4. Diwali might be the perfect time to take that step towards starting a systematic investment plan in crypto. Picking a few top cryptocurrencies and diversifying would be the best way forward.
  5. Choosing the perfect gift can be a daunting task for many. Gifting cryptocurrencies are not only efficient and super convenient, they are among those gifts that have the potential to go up in value. Global investing platforms are known to promote gifting cryptos during Diwali to lure the Indian consumers.

(The article has been written by Mr. Edul Patel, CEO & Co-founder of Mudrex) Also Read – 4 Tips to Reduce Period Bloating as Suggested by a Nutritionist

Also Read – West Bengal Schools, Colleges Not to Reopen on November 15. Here’s Why


Read more at www.india.com

Top Blockchain Internships in India to Apply Today



by Aratrika Dutta

October 25, 2021

Blockchain expertise is the fastest-growing skill according to the latest skills index. The demand for people with blockchain skills is high. Due to its many fields of application, it is looking to hire those who have the skill set to navigate this new technology. This article lists the top blockchain internships in India to apply today.

 

Blockchain Research Analysis Internship

Hamzah Khan

Lucknow, Uttar Pradesh

Responsibilities:

  • Researching new blockchain protocols
  • Creating content around research output
  • Handling day-to-day operational work

Requirements:

  • Who are available for a full time (in-office) internship
  • Who can start the internship between 18th Oct’21 and 22nd Nov’21
  • Who are available for 1 month
  • Who has relevant skills and interests?

Skills required:

MS-Office and Research and Analytics

 

Blockchain & Cryptocurrency Development

DPL (Desi Premier League)

India

Responsibilities:

  • Collaborating with managers to determine blockchain technology needs and envisaged functionalities.
  • Creating application features and interfaces by using programming languages and writing multithreaded codes.
  • Applying the latest cryptology techniques to protect digital transaction data against cyberattacks and information hacks.
  • Maintaining client and server-side applications.
  • Optimizing and securing blockchain applications by integrating new tools and technologies.
  • Educating sales personnel on blockchain features that allow secure digital payments.
  • Documenting blockchain development processes and complying with best practices in data protection.
  • Keeping up with current blockchain technologies and cryptography

 

Blockchain Intern

Karpine

Bengaluru, Karnataka

Responsibilities:

  • Working on blockchain enterprise technology framework design and development solutions
  • Working on early product technology selection, POC, development, and testing according to system requirements
  • Working on being at the forefront of blockchain-related technologies to maintain…

Read more at www.analyticsinsight.net

Listen In: What’s making Indian expats use crypto to send money back home?

Hi there, Good Morning. Welcome to ETMarkets Morning, the show about money, business and markets. I am Nikhil Agarwal. Let’s start with the headlines first.

– Electronics, handsets short of Diwali demand
– Clear raises $75 million from Kora Capital, Stripe and others
– Groww raises $251m
– Panel for National Employment Policy soon

Now lemme give you a quick glance on the state of the markets.

Asian shares opened mostly lower before giving out mixed cues on Monday as investors await corporate earnings and Japan’s upcoming general election. MSCI’s index of Asia-Pacific shares outside Japan shed 0.13 per cent.

Elsewhere, the yield on 10-year Treasuries rose two basis points to 1.65%. The dollar steadied on Monday after its steepest weekly loss in more than a month, as traders weigh the effect of inflation on the relative pace of looming rate hikes – with a wary eye on U.S. growth data and a European Central Bank meeting. Bitcoin was trading around $61,000. Oil prices rose on Monday, extending pre-weekend gains, with U.S. crude hitting a seven-year high as global supply remained tight amid strong demand worldwide as economies recover from coronavirus pandemic-induced slumps. Brent crude futures climbed 26 cents, or 0.3%, to $85.79 a barrel.

———–

That said, here’s what is making news.

Shares of Reliance Industries are likely to gain 3-4% after the oil-to-telecom conglomerate reported a 43% rise in consolidated net profit for the September quarter from a year ago. Analysts said strong upsides in Reliance shares could help end the four-day losing streak in the Sensex and Nifty. Reliance shares have gained 24.35% in the past one year while Sensex gained 50% during the same period.

The recent rise in raw material prices and the risk of downcycle or correction in steel prices are unlikely to unsettle JSW Steel. Doubling of its capacity over the next two years, the rising contribution of value-added products and consistent reduction in the cost of production will help JSW…

Read more at economictimes.indiatimes.com

Cryptocurrency : An alternative economic world



“NFTs are right now alien to Bollywood but I am sure they (film stars) will see this as another platform where they can use their existing content and generate revenue,” said Ayaan Agnihotri of Bollycoin, an NFT marketplace for Bollywood assets.

Agnihotri said that within days of launch this month, his platform sold 8 million of the 20 million available so-called “BollyCoins”, crypto tokens that can be used to buy NFTs when they are launched. One BollyCoin is worth 10 U.S. cents.

But its still early days for celebrity NFTs in India.

Indian cricketer Dinesh Karthik is auctioning a digital art reel https://bit.ly/3m28fNc from a cricket match where he hit a match-winning six on the last ball for around 5 ethereums, a digital currency, worth around $20,000. But he has yet to receive any bids.

“NFT has picked up a lot in the West in the last one year with now iconic moments from basketball being bought by fans digitally, which gave us the idea,” Karthik told Reuters.

Others have had success. One of India’s top fashion designers, Manish Malhotra, recently sold NFTs of digital sketches of some of his most famous creations for $4,000 a piece. Malhotra’s website shows one can purchase some of his bridal wear outfits at a lower…

Read more at economictimes.indiatimes.com

Bollywood stars, Indian celebrities launch NFTs amid global craze

Bollywood actor Amitabh Bachchan leaves after attending the wedding ceremony of Isha Ambani, the daughter of the Chairman of Reliance Industries Mukesh Ambani, in Mumbai, India, December 13, 2018. REUTERS/Francis Mascarenhas/File Photo

  • Bollywood actors, sportspersons among those launching NFTs
  • Experts say the entry of celebrities will help NFT marketplace
  • Sales volumes of NFTs have galloped to $10.7 billion in the Q3

MUMBAI, Oct 24 (Reuters) – Indian celebrities from the world of Bollywood and cricket are increasingly launching digital memorabilia through non-fungible tokens (NFT), hoping to rake in thousands of dollars by cashing in on growing interest in such assets.

NFTs are a type of digital asset which use blockchain to record the ownership of items such as images, videos and other collectibles. Their roaring popularity has baffled many but the explosive growth shows no sign of abating. read more

Bollywood superstars such as Amitabh Bachchan and Salman Khan are planning to launch NFTs soon. While Bachchan’s NFTs will include autographed posters of his movies, Khan has been building excitement on his Twitter account by telling his 43 million followers about the planned NFT launch.

“NFTs are right now alien to Bollywood but I am sure they (film stars) will see this as another platform where they can use their existing content and generate revenue,” said Ayaan Agnihotri of Bollycoin, an NFT marketplace for Bollywood assets.

Agnihotri said that within days of launch this month, his platform sold 8 million of the 20 million available so-called “BollyCoins”, crypto tokens that can be used to buy NFTs when they are launched. One BollyCoin is worth 10 U.S. cents.

But its still early days for celebrity NFTs in India.

Indian cricketer Dinesh Karthik is auctioning a digital art reel from a cricket match where he hit a match-winning six on the last ball for around 5 ethereums, a digital currency, worth around $20,000. But he has yet to receive any bids.

“NFT has picked up a lot…

Read more at www.reuters.com

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