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Crypto taxation in the Finance Act, 2022: The Indian conundrum
By Ushashi Datta
The article in this issue of Direct Tax Amicus discusses elaborately the recently introduced taxation of virtual digital assets (VDA). It discusses how the definition of VDA in the Income-tax Act is wider than the definition of digital asset expressed by Financial Action Task Force (FATF), OECD or UK Money-Laundering Laws. Further, deciphering the ‘taxable event’, computation of income from transfer of VDA, and the question to whether the income is taxable as PGBP or as capital gains, the article goes on to discuss whether the India’s crypto-tax rate is too harsh. The author in this regard monitors the tax-treatment adopted by various countries. The article also draws attention of the readers to taxation of income-generating transactions in the ‘Metaverse’ by India and emphases that there is a greater need of clarity on how these transactions will be taxed. It concludes by noting that the Department of Economic Affairs, the Department of Revenue and the Reserve Bank of India are jointly preparing the FAQ to provide the required clarity on the taxation aspect stated in the Finance Act, 2022...
Notifications & Circulars
Faceless Jurisdiction of Income-tax Authorities Scheme, 2022 notified
e-Assessment of Income Escaping Assessment Scheme, 2022 notified
Faceless Inquiry or Valuation Scheme, 2022 notified
Dispute Resolution Committee constituted
e-Dispute Resolution Scheme, 2022 notified
EPFO notifies withholding tax on interest accruing on Provident Funds
Relief from tax on income from retirement benefit account maintained in a notified country
Ratio decidendi
Immunity from reopening of assessment under the Income Declaration Scheme does not extend to non-declarants – Supreme Court
Assessment is not per se invalidated by the corporate death of the assessee-company upon amalgamation – Supreme Court
Reassessment notices cannot be issued after 31 April 2021 under the erstwhile scheme of reopening of assessment – Bombay High Court
Mere digitally signing the notice does not tantamount to issuance of notice – Allahabad High Court
Gross receipts from profession for determining monetary limit for audit under Section 44AB does not comprise of partners’ remuneration – Bombay High Court
Payment made to non-resident towards advertisement expenses are not taxable as FTS/Royalty – ITAT Mumbai
Subscription fees received from India by Singapore-based company for its CRM services is neither in the nature of ‘royalty’ under Section 9(1)(vi) nor under Article 12 of India-Singapore DTAA – ITAT Delhi
