Posted On:  3 days ago

What you can expect from Budget 2018? Send us your budget expectation

Finance Minister, Arun Jaitley, has a big task after demonetisation and GST to present last budget with an eye on general elections in 2019. Following are some of expectation

article author CA Chirag Chauhan

Posted On:  3 weeks ago

Government Cautions People Against Risks in Investing in Virtual ‘Currencies’; Says VCs are like Ponzi Schemes

“There has been a phenomenal increase in recent times in the price of Virtual ‘Currencies’ (VCs) including Bitcoin, in India and globally. The VCs don’t have any intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other VCs therefore is entirely a matter of mere speculation resulting in spurt and volatility in their prices. There is a real and heightened risk of investment bubble of the type seen in ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money. Consumers need to be alert and extremely cautious as to avoid getting trapped in such Ponzi schemes. VCs are stored in digital/electronic format, making them vulnerable to hacking, loss of password, malware attack etc. which may also result in permanent loss of money. As transactions of VCs are encrypted they are also likely being used to carry out illegal/subversive activities, such as, terror-funding, smuggling, drug trafficking and other money-laundering Acts.

article author CA Chirag Chauhan

Posted On:  1 month ago

How profit from Bitcoin will be taxed in India?

Bitcoin is the buzzing word on social media and all want to become rich by investing in the crypto currency. Many Indian despite RBI warning has invested in to Bitcoin few months back and have made handsome gains. The question now remains is the gains on sale of Bitcoin is taxable under Income Tax Act? If yes then it shall be taxed as business Income or Capital Gains or something else ? Any gain on Bitcoin is taxable as any gain on account of Bitcoin exchange is certainly (100%) taxable because the definition of income u/s 2(24) under Income Tax Act is inclusive, which mean every kind of income unless clearly exempt .

article author CA Chirag Chauhan