A number of our clients have started receiving the following emails from Centralised Crypto Exchanges like WazirX, Zebpay, etc in India. Dear Client, You may be aware that as a Virtual Asset Service Provider, This Crypto Exchange is required to carry out Enhanced Due Diligence…

A number of clients have started receiving an email from centralized exchanges like CoinDCX, WazirX, etc asking for Originator Info. It says something like the following: Subject: Provide Originator Info for Recent Deposit - X,XXX.XX USDT Body: Hi Customer, We noticed a crypto deposit in…

There are several misconceptions or wrong notions about crypto taxes in India. Here are a few: Crypto Transactions Are Not Taxable: One common misconception is that transactions involving cryptocurrencies are not subject to taxation in India. In reality, the Income Tax Department of India considers…

A P2P merchant earns Two to Three thousand dollars per month in India by doing P2P trading on Binance, Paxful, etc. Peer-to-peer (P2P) trading involves buying or selling cryptocurrencies directly between individuals. You started doing P2P Trading a while back and now your account is…

NRIs, OCIs, PIOs, and Expatriates, residing either abroad or in India, prioritize adherence to laws and regulations. Filing Income Tax Returns (ITR) stands as a crucial compliance. It is imperative for NRIs, OCIs, and Expats to file ITRs in India for tax payment, income reporting,…

The Income Tax Department, leveraging advanced database systems, now captures various financial transactions of taxpayers, including Non-residents (NRIs, OCIs). Despite assumptions that foreign source funds aren't taxable, the absence of Indian Income tax filings prompts the department to verify potential tax evasion and the sources…

The taxation of non-resident Indians (NRIs) in India upon the sale of immovable property is an important aspect governed by Indian tax laws. When NRIs sell property in India, they encounter specific tax obligations and considerations that necessitate careful understanding and compliance with Income Tax…

Property sales in India are common transactions for NRIs and OCIs, but they often encounter income tax and other regulatory provisions. In such cases, they seek guidance from tax consultants. We provide assistance to NRIs, OCIs, and other foreign citizens in applying for Lower TDS…

Residential status under the Income Tax Act determines an individual's tax liability in India. It is primarily based on the individual's physical presence in India during a financial year (April 1 to March 31). Answer: Under the Income Tax Act in India, an individual's residential…

What is Annual Information Statement (AIS)? The Annual Information Statement (AIS) is a recently introduced system by the Income Tax Department. It serves as an information repository for taxpayers, providing insights into their financial transactions throughout a given year. This comprehensive statement encompasses various financial…

Ministry of Finance in Lok Sabha on December 4 said that off-shore crypto exchanges such as Binance, Paxful, Kraken and others will be required to follow anti-money laundering and countering the financing of terrorism (CFT) guidelines under PMLA besides getting registered in the country to…

Crypto accounting can be a complex and daunting task, given the volatile nature of digital assets and the intricate regulations surrounding them. From managing fair market valuations to troubleshooting software-specific issues, people often face unique challenges in this rapidly evolving space. This article explores both…

This latest crypto scam has earned its name due to its well-orchestrated and highly interactive nature, designed to lure victims into investing more funds before being financially exploited. The "Pig Butchering Crypto Scam" has people scratching their heads because the cryptocurrency exchange is asking them…

It has been reported by a number of clients that Indian authorities have taken action to freeze their bank accounts due to their involvement in P2P trading. This post is to inform you about the potential risks associated with engaging in P2P transactions. Crypto P2P…

The purpose of this articles is to demystify Crypto Staking for Beginners and Navigating the Tax Implications of Crypto Staking. Crypto Staking pools offer an opportunity to engage in securing a Proof-of-Stake (PoS) blockchain and earning rewards. In PoS blockchains, validators are required to stake…

Numerous challenges arise in the practical work of chartered accountants, often due to lack of specific accounting standards to address them. Cryptocurrencies, such as Bitcoin, serve as a notable illustration of this dilemma. Given the absence of dedicated accounting guidelines for cryptocurrencies, accountants find themselves…

We are very happy that we were able to get a favourable order against Income Tax Notice which was served on our client. The case involved huge assessment order passed by the income tax department against the client for trading in cryptocurrency namely Bitcoins in…

Finally a good news on Crypto Scams front - Indian Man Recovers $43,000 lost in Crypto Scam A mobile store proprietor in Maharashtra's Thane district, who had fallen victim to a cryptocurrency scam losing Rs 36 lakh (US$43,953) over a year ago, has successfully reclaimed…

Crypto scams are very widespread. From phishing to rug pulls to fake crypto trading scam to crypto giveaway scams, billions of dollars are annually lost by investors to fraudulent crypto schemes. If you have experienced the misfortune of losing money to a crypto scam, you…

USDT Arbitrage means buying USDT overseas in cheap price and selling at premium in India but why premium exists on USDT Price in India? The value of USDT (Tether) is tied to the value of the US dollar, so it should theoretically be equivalent to…