The next breed of the internet, Web 3.0, is here. It is more than just Crypto or NFT's. This next revolution of the internet in centered around 2 Key Concepts:
India has seen mass adoption in the form of traders, investors, founders and companies working in this space.
No revolution comes about without it’s challenges. Regulatory and compliance challenges are further enhanced where Regulation is continually being delayed.
However, with the Finance Bill 2022, the India Government has finally proposed a specific tax regime for “Virtual Digital Assets”. (Read our summary here)
Regulation is here, but questions remain and enthusiasts are still uncertain.
Some common questions are:
|Can gas fee be added to cost of acquisition?|
|What is the tax implication for earning in cryptocurrency and not fiat?|
|How is income from mining taxed?|
|How is staking income taxed?|
|What about Air Drops?|
|Are NFT's covered?|
|What is the TDS implication for an exchange?|
|What can be done to ensure proper documentation and declaration in preparation of further regulation?|
At VKA, we let you focus on your areas of expertise. We handle the regulatory and compliance aspects, allowing you to peacefully interact with the ecosystem.
The Industry anticipates heavy regulations. We recommend starting now to ensure you are compliant at all times and your coins are safe.
Our Virtual Digital Assets (VDA) Tax and Regulatory team comprises of technology enthusiasts entrenched in the blockchain and Web 3.0 ecosystem.
A unique blend of Tax Experts who also understand this fast changing environment -we understand your langugae, the technology and the regulatory implications.