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…

Introduction Cryptocurrencies also known as Virtual Digital Assets (VDAs) in Tax lingo, have emerged as leading digital assets facilitating online transactions for goods and services. Crypto traders actively seek to maximize their gains by capitalizing on the rising values of the cryptocurrencies they invest in.

From 1st July 2022, section 194S requires a person, who is responsible for paying to any resident any sum by way of consideration for transfer of a virtual digital asset (VDA) / Crypto / Crypto Currency / USDT / etc, to deduct an amount equal…

During this season on ITR Filing, one must be careful and not claim any fake deductions. In this age of digital era, with Income Tax Department equipped with a robust IT infrastructure and AI/ML tools, the ability to detect fraudulent deductions has become very easy.

Every year, a multitude of Indian students face a life-altering decision, one that entails incurring substantial debts, bidding farewell to their parents and homeland, and setting their sights on Canada. Their shared dream revolves around obtaining a Canada Student Visa, which they believe will eventually…

In this post we will discuss all aspects about What to do when you receive Notice u/s 148 in India? This is a long article so buckle up. An income tax notice under section 148 of the Income Tax Act is a notice issued by…

Many clients who have been trading on WazirX have reported that they are getting Income Tax Notice for Crypto Sold on WazirX. These usually are sent as summons to assessee under section 131(1a) of the income tax. The client actively traded cryptocurrencies on WazirX and…

Today we will discuss the Ten Things to do before 31st March 2025 India for Tax Saving and Compliance. This is applicable for both Individuals and Businesses. Investing in order to save on taxes is always a wise decision. There are various types of investments…

NFTs are gaining popularity in India and many crypto traders and investors are dabbling into NFTs. This post should serve as the Ultimate Guide on Taxation of NFTs in India 2025. Keep reading to learn more about this topic. A Non-Fungible Token (NFT) is a…

UK adds Crypto Declaration in Tax Forms 2024 and this was recently announced by Chancellor of the Exchequer Jeremy Hunt in the annual budget on 15th March 2023. The UK government will be introducing modifications to the Self Assessment tax return forms that will require…

USD Coin (USDC) plummets to all-time low after Circle reveals $3.3bn reserves held at collapsed Silicon Valley Bank. Should you be worried about it? Do you use USDC for crypto arbitrages? On Saturday, the value of USD Coin (USDC), the world's fifth-largest cryptocurrency, reached an…