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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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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

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3 weeks ago

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January 30, 2025

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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

Akshay Kumar and Priyadarshan, the acclaimed Indian director, celebrated their 68th birthday on Instagram. Kumar, who has worked with Priyadarshan on several cult comedies of the early 2000s, wished him a happy birthday and called him a mentor. The duo is now back together for their upcoming horror-comedy, Bhooth Bangla.

The first poster of the movie has been released, and it is expected to hit theaters in 2025. Akshay Kumar wore a black fedora and a green jacket, layered over a black tee, and fans have expressed their excitement for their new movie.

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The duo’s dynamic and deep bonding have been praised by fans, who have expressed high anticipation for their new movie. The first poster of Bhooth Bangla has already been released, and the movie is expected to hit theaters in 2025.

Akshay Kumar, the versatile Bollywood actor, recently celebrated director Priyadarshan’s birthday by sharing a behind-the-scenes (BTS) photograph from their upcoming film, “Bhooth Bangla.” In the image, Akshay humorously captioned, “Surrounded by ghosts…” The photo features Akshay alongside Priyadarshan and co-actor Paresh Rawal, all dressed in traditional attire, with a black cat perched on Akshay’s shoulder, adding a whimsical touch to the scene.

Reunion After 14 Years

This collaboration marks a significant reunion between Akshay Kumar and Priyadarshan, who last worked together on the film “Bhool Bhulaiyaa” in 2007. Their partnership has been celebrated in the past for delivering successful comedies like “Hera Pheri” and “Garam Masala.” Fans have eagerly anticipated their return to the big screen together, and “Bhooth Bangla” promises to be a delightful addition to their repertoire.

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About ‘Bhooth Bangla’

“Bhooth Bangla” is a horror-comedy that blends elements of suspense with humor, a genre in which both Akshay Kumar and Priyadarshan have excelled. The film is produced by Balaji Telefilms Ltd in association with Cape of Good Films. The motion poster released earlier this year features Akshay Kumar in a suit, with a cat on his shoulder, licking milk slyly, setting the tone for the film’s intriguing and humorous premise.

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Anticipation and Fan Reactions

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The BTS photo shared by Akshay Kumar has generated excitement among fans, who are eager to see the trio back together on screen. The playful caption and the presence of the black cat suggest that “Bhooth Bangla” will offer a mix of thrills and laughs, staying true to the successful formula of their previous collaborations.

As the release date for “Bhooth Bangla be a significant highlight in the upcoming entertainment lineup. The reunion of Akshay Kumar, Priyadarshan, and Paresh Rawal, combined with the intriguing premise and the playful BTS moments, has set high expectations among audiences. Fans can look forward to a cinematic experience that promises both chills and chuckles.

For a visual glimpse into the making of “Bhooth Bangla,” you can watch the following video Akshay Kumar expressed his gratitude as they once again united for their upcoming movie Bhooth Bangla. This marks a new chapter in their long-standing collaboration since the 2000s. He shared a picture from behind the scenes of their new movie, where it seems like they are laughing about something.

Akshay wrote,”Happy Birthday, Priyan Sir! What better way to celebrate than by spending the day on a haunted set, surrounded by ghosts…both real and unpaid extras? Thank you for being a mentor, and the only person who can make chaos look like a masterpiece. May your day be filled with fewer retakes. Wishing you a fantastic year ahead!”

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