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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.

“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.

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“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.

“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.

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

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3 weeks ago

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October 10, 2024

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.

Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.

Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.

Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.

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The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.

BCCI’s tribute

Additionally, the BCCI issued a statement about his demise.

“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.

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His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.

Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.

Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.

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