Benjamin Diokno allayed the fears of citizens by stating that there would be no increase in taxes. Rather the agencies would only pursue effective tax models.
The regime was initially slated to come into force by October 2021, but lawmakers delayed the plan until January 2022 and ended up postponing it until 2023.
The Directorate of Enforcement has been questioning executives at CoinSwitch Kuber, CoinDCX, and WazirX regarding violating foreign exchange regulations.
According to Business Insider, XREX sent out a notice to users on June 30 directing them to withdraw their INR balances two days before the 1% TDS kicked in on July 1.
AFIP has seized 1,269 digital asset wallets linked to tax delinquents since February 2021 with the backing of courts around the country, local media reports.
The State Duma approved the draft law in the second and third readings but will still need to be approved by the Upper House and signed by President Vladimir Putin before it can become a law.
The Customs Authority of Argentina has seized 2,233 block reward mining rigs worth $21 million that it alleges were overvalued in an attempt to evade taxes.
The draft proposes to tax income derived from business transactions involving digital assets or block reward mining; individuals will be subject to an investment income tax of 15%.
The previous framework only required holders to declare the earnings of their trading. Once the new legislation is approved, it will come into force in 2023 but will apply to operations in 2022.
The circular from the CBDT amends the Income Tax rules to specify how firms and individuals should comply with the law. It also adds how the reporting format for the TDS should be spelled out.
According to Archit Gupta, founder and CEO of India-based digital currency tax filing startup Clear, India's tax regime for digital assets has some intricacies that need to be threaded with caution.