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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…
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 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…