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 2024 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 2024. 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…

Yesterday, Government issued a notification wherein Crypto was brought under Anti-Money Laundering Law in India 2024. The Indian government extended the scope of the Prevention of Money Laundering Act (PMLA) to include digital assets, including cryptocurrencies, fiat currencies, virtual digital assets, and other related financial…

Crypto investing in 2024 remains risky due to market volatility, uncertain regulation, and the ongoing threat of cyberattacks and scams. As with any investment, thorough research and caution are essential before making any decisions. Cryptocurrencies are highly volatile, meaning their value can fluctuate rapidly and…

The recently released 2023 ITR Forms have separate section for crypto income. This interesting change is seen in Income Tax Return Form 1 (ITR-1) and Income Tax Return Form 2 (ITR-2) so far. A separate schedule has been added for reporting income from crypto and…

The recently released 2023 ITR Forms have separate section for crypto income. This interesting change is seen in Income Tax Return Form 1 (ITR-1) and Income Tax Return Form 2 (ITR-2) so far. A separate schedule has been added for reporting income from crypto and…

Notices are issued by the income tax department under the various provisions of the Income Tax Act to the assesses with the purpose to assure greater tax compliances. You may benefit by reading this article on Types of Income Tax Notices a person may receive…

The Indian government used to collect a 5% tax collected at source (TCS) on LRS remittances above Rs 7 lakh until FY 2022-23. However, In the recently passed 2023 budget, this was raised dramatically to 20% and the entire 7 lakh threshold was removed. Investing…

Today's article we will discuss around FEMA and Authorised Dealers (also known as ADs). What is the meaning of Authorised Dealers? What are their roles and responsibilities? What are the different categories of ADs? and so on and so forth. In Foreign Exchange Management Act,…

Last year during the Financial Budget of 2022, India introduced crypto taxation for the first time and brought all cryptocurrencies under the definition of virtual digital assets (VDAs). During the current budget, there was no changes about crypto but some new amendments were later discovered…

Why crypto traders are receiving FEMA notices? Many Crypto Traders engaged in USDT Arbitrage Trading are receiving FEMA notices. Many of these traders are receiving notices for transactions done back in FY 2017-18. And in all the cases these traders had used LRS scheme to…

In India, the tax rules for cryptocurrencies are still evolving. However, as of 2022, the Indian tax department has issued guidelines stating that cryptocurrencies are to be treated as capital assets and are subject to capital gains tax. This means that starting from Financial Year…

The prevalence of online bank scams is not a recent phenomenon and has been in existence for quite some time. These scams involve scammers deceiving individuals through fraudulent messages pertaining to KYC verification, credit card updates, or bank account modifications. Their primary focus is on…

Referral programs are a proven marketing tactic for various companies and industries including crypto companies, projects and coins. In this article, we shall discuss the taxability of crypto received from such referral programs. Earning crypto from referral programs is a process that involves promoting a…

Recent news and analysis indicate that many Ponzi crypto apps are targeting and defrauding people in India. Many of these Ponzi cryptocurrency apps lure Indian customers and scam them by promising them high returns in short period of time.

First of all, What is 'Ponzi scheme' ?

Ponzi schemes are investment plans in which the owner or operating firm pays investors' returns from new cash raised from new investors rather than from the company's revenues. 

Crypto Ponzi schemes are crypto investment frauds that pay existing investors with funds collected from new investors. Crypto is a prime target for the masterminds of Ponzi schemes. Average investors do not fully understand the technology that crypto uses or how to evaluate a cryptocurrency as a sound investment. Unlike traditional investments where investors can dig into earnings, analyst research reports, audited documents and other required regulatory material, many crypto projects are unregulated and having anonymous founders is not unusual in the space.

As our readers are aware, we constantly search for novel arbitrage opportunities that enable individuals to earn relatively risk-free profits. Many of our clients and traders are acquainted with the USDT INR arbitrage opportunities within the cryptocurrency markets. Today we are going to talk about…

Can I start my own company in USA? Yes, you can start your own company in the USA very easily. You will need to register your company with the state, decide on a entity structure, obtain a license or permit, and get an employer identification…