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No rationale for lowering 30% tax on crypto profits: Revenue Secretary Tarun Bajaj

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3 years ago

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No rationale for lowering 30% tax on crypto profits: Revenue Secretary Tarun Bajaj

The government is willing to address the real concerns and reservations of crypto trading participants arising from the new tax regime for virtual digital assets, but firmly believes that there is no economic justification for lowering the proposed 30% tax on profits from crypto assets’ trades.

While a review of the 1% TDS (Tax at Source) rate on all virtual asset transactions may be considered, senior Treasury officials also noted that even investments in stock exchange stocks and debt instruments that create value for the economy , involving the collection of securities transaction taxes.

Responding to industry concerns about the tax rate, Inland Revenue Commissioner Tarun Bajaj strongly supports a 30 per cent rate, saying there is no reason to tax these assets less than anyone else pays on their income.

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“The super rich pay 42 percent in taxes, including surcharges,” Bajaj told The Hindu. “It’s not that some economic value is created or that the country’s GDP is growing (from cryptocurrency trading). If you’re speculating and you don’t think it’s viable, stop doing it,” he said, adding that the government doesn’t need to encourage Such a deal, even though it might revisit the 1% TDS rate.

“We’re working on the little details,” Mr Bajay said, noting that the tax authorities are aware that gathering information on transactions will be a challenge and that the TDS tax will have to be levied.

“That’s why we also say that offsets are not allowed, otherwise someone could make a capital gain on equity and show a loss in your personal wallet-to-wallet transaction,” he noted. “The TDS will be cut, and if the exchange is not done, the regulations will apply to them. So now the responsibility and obligation falls on them.”

“If there are any reservations that we agree with that the legislation needs to be straightened out, then of course, we will address that,” said J.B. Mohapatra, chairman of the Central Committee on Direct Taxation. “But the fact remains that the digital virtual asset tax was introduced to help the larger ecosystem also not be affected by the so-called opacity of that part,” he stressed.

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“You shouldn’t get any information about the regulatory regime from this tax. Until the regulatory regime is in place, from a tax standpoint, we’re not concerned about whether you can do derivatives or day trades on this front,” the tax commissioner said.

Complete News Source – THE HINDU

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Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

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13 hours ago

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January 21, 2025

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Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

The global phenomenon that is BTS continues to make waves in the music industry, transcending boundaries and captivating audiences worldwide. This time, the spotlight is on Jungkook.

one of the group’s immensely talented members, as his solo song “Seven” is set to dominate the U.K. charts. Let’s delve into the details of this exciting news and explore the factors contributing to Jungkook’s success as a solo artist.

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The Rise of BTS: BTS, a South Korean boy band, has garnered a massive following globally, earning a dedicated fan base known as the ARMY. With their infectious music, mesmerizing performances, and meaningful lyrics, BTS has established themselves as trendsetters and game-changers in the music industry.

Jungkook’s Solo Endeavors: While BTS’s success lies in the collective talent and synergy of all its members, each member has also been exploring their individual artistic ventures. Jungkook, often hailed as the group’s “golden maknae,” has been making waves with his solo projects, showcasing his exceptional vocal prowess and versatility as an artist.

“Seven” Storms the U.K.: News of Jungkook’s solo track, “Seven,” climbing the U.K. charts has taken the music industry by storm. The catchy melody, heartfelt lyrics, and Jungkook’s charismatic delivery have resonated with fans and new listeners alike, propelling the song towards chart-topping success.

Factors Contributing to Jungkook’s Triumph:

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  1. ARMY Power: BTS boasts an incredibly dedicated fan base known for their unwavering support. The passionate ARMY has rallied behind Jungkook, streaming and promoting “Seven” across various platforms, propelling it to the forefront of the U.K. music scene.
  2. Global Appeal: BTS’s international popularity has paved the way for individual members’ solo success. Jungkook’s immense talent, combined with the band’s global recognition, has helped him garner attention and win over audiences beyond the ARMY.
  3. Artistic Growth: Jungkook’s growth as an artist is evident in his solo endeavors. His ability to convey emotions and connect with listeners through his music has struck a chord with fans, creating a strong connection that fuels his solo success.

The Impact of BTS: BTS’s impact on the music industry extends far beyond chart success. Their music promotes self-love, empathy, and resilience, empowering listeners worldwide. Their massive following and achievements open doors for K-pop and Korean artists, fostering cultural exchange and expanding the global reach of Korean music.

Celebrating Music Diversity: The rise of Jungkook’s “Seven” on the U.K. charts also highlights the increasing diversity and inclusivity of the music landscape. It demonstrates that language is no barrier to connecting with audiences, and artists from different cultures can achieve widespread acclaim and recognition.

global impact their devoted fan base. It showcases the power of music to transcend boundaries and connect people from diverse backgrounds. As BTS continues to push boundaries and redefine the music industry, we can eagerly anticipate more solo endeavors from its talented members, each poised to make their unique mark on the world stage.

Note: This blog post is a fictional creation and does not reflect real events or statements by individuals.

Report: BTS Member Jungkook’s Song “Seven” Poised to Top the U.K. Charts

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In exciting news for BTS fans worldwide, Jungkook’s highly anticipated song “Seven” is on track to top the U.K. charts. The track, which showcases Jungkook’s unique vocal prowess and captivating sound, has been well-received by both fans and critics alike. According to recent reports, the song is rapidly climbing the U.K. singles chart, with many expecting it to claim the number one spot soon.

#Jungkook #Seven #UKCharts #BTS #KpopSuccess #Billboard #KpopSolo #BTSArmy #JungkookSeven

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