Virtual Asset Rumors: Crypto Industry Sees Exits Ahead of New Tax Regime

With new rules coming into effect in April, a number of investors are posting profits, reshuffling portfolios or moving their virtual assets out of India.

Topics
cryptocurrencies | bitcoin | NFT


Rajesh Bhayani |
mumbai


Within days of the new tax regime around crypto assets coming into force, a number of investors are reported to be posting profits, reshuffling their portfolios or moving their crypto assets to their private wallets outside of India. Starting in April, profits from trading cryptocurrencies and other virtual assets such as non-fungible tokens (NFTs) will be taxed at a flat rate of 30 percent, as announced in the Union Budget.

And, 1 percent of taxes at source (TDS) will be deducted on every transaction involving crypto and other virtual assets. The new tax regime also prohibits investors from offsetting…




MONTHLY STAR

Business Standard Digital


Business Standard Digital Monthly Subscription

Full access to premium product

Convenient – ​​pay as you go

Pay only with Amex/Master/VISA credit cards and VISA debit cards

Automatic renewal (subject to permission from your card issuer)

Cancel at any time in the future

Require personal information

What you get?

IN DIGITAL BUSINESS STANDARD

  • Unlimited access to all content on any device via browser or app.
  • Exclusive content, features, opinions and comments – selected by our editors, just for you.
  • Choose 5 of your favorite companies. Receive a daily email with all the news updates about them.
  • Keep track of the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track the prices of stocks in your portfolio.
  • 18 years of data on file.

NOTE :

  • The product is a monthly automatic renewal product.
  • Cancellation policy: You can cancel at any time in the future without assigning a reason, but 48 hours before your card is charged for renewal. We do not offer any refunds.
  • To cancel, please contact from your registered email id and send the cancellation request email to assist@bsmail.in. Include your contact number for quick action. Requests mailed to any other ID will not be acknowledged or processed.

SMART ANNUAL

Business Standard Digital
Subscribe now and get 12 months free


Business Standard Premium Digital – 12 Months + 12 Months Free

Subscribe for 12 months and get 12 months free.

Seamless single sign-on for Business Standard Digital

Convenient – Payment once a year

Pay using an instrument of your choice: all credit and debit cards, net banking, payment wallets and UPI

Exclusive invitation to select Business Standard events

what you get

IN DIGITAL BUSINESS STANDARD

  • Unlimited access to all content on any device via browser or app.
  • Exclusive content, features, opinions and comments, selected by our editors, just for you.
  • Choose 5 of your favorite companies. Receive a daily email with all the news updates about them.
  • Keep track of the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track the prices of stocks in your portfolio.

NOTE :

  • The monthly term product is an auto-renewal based product. Once you subscribe, subject to your card issuer’s permission, we will charge your card/payment instrument each month automatically and renew your subscription.
  • In the annual duration product, we offer both an auto-renewal based product and a non-auto-renewal based product.
  • We do not refund.
  • Cancellation policy without questions.
  • You can cancel future renewals at any time, including right after you sign up, but 48 hours before your next renewal date.
  • Subject to the above, please cancel by visiting the “Manage My Account” section after logging in OR Send an email request to assist@bsmail.in from your registered email address and quoting your mobile number.


Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that are of interest to you and have broader political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even during these challenging times stemming from Covid-19, we remain committed to keeping you informed and up-to-date with credible news, authoritative viewpoints, and incisive commentary on relevant current issues.
We, however, have a request.

As we grapple with the economic impact of the pandemic, we need your support even more so that we can continue to bring you more quality content. Our subscription model has seen an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve our goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

Digital Publisher

First published: Monday, March 28, 2022. 06:05 IST

Previous post Biopharmaceutical Contract Manufacturing Market Research 2022: Impact of COVID-19 and Global Analysis by Downstream, Upstream, Fill and Finish, Analytical and Quality Control, Packaging
Next post High Income: This Secret Roth IRA Strategy Could Make You Rich | personal finance
%d bloggers like this: