Technology
What are virtual digital assets?
The government has introduced new regulations aimed at taxing and tracking virtual digital assets in the 2022-23 federal budget. In addition to the tax framework, the budget defines virtual digital assets for the first time.
The Finance Act defines virtual digital assets in a newly inserted provision (47A) of Section 2 of the Income Tax Act 1961.
Regardless of the nomenclature used, a VDA is defined as any information or code or number or token that is encrypted or otherwise generated. and may be transmitted, stored or traded electronically.
In addition to the three criteria above, one of the following two conditions needs to be met to qualify for a VDA.
The definition of VDA also specifically includes non-fungible tokens, i.e. NFTs, or any other token of a similar nature, whatever the name.
The definition of NFT will be notified by the central government.
Generally speaking, NFT is a digital asset that exists on the blockchain, and anyone can verify its authenticity and owner.
Digital art, images, videos, text, music and even virtual real estate and in-game items can be bought and sold as NFTs.
The Finance Act also authorizes the government to designate any other digital asset as a VDA, or exclude any digital asset from the definition of a VDA.
It is worth noting that Indian and foreign currencies as defined in the Foreign Exchange Control Act 1999 have been excluded from the scope of the VDA.
While the VDA includes cryptocurrencies, the definition can cover a wide variety of digital assets, as implied by the “or otherwise” in the phrase “generated by cryptographic means or otherwise.” The definition also includes words such as “information”, “code”, “number”, etc.
Due to its broad definition, VDA may include vouchers, bonus points issued by shopping sites or credit card companies, airline miles, etc. Experts have sought clarification from the government. They are concerned that the scope of the VDA could affect the digital assets created by the company.
Complete News Source : Business Standard
Hollywood
Tom Holland to star alongside Matt Damon in Christopher Nolan’s next, will juggle that with Spider-Man 4 in 2025
Tom Holland, last seen in Apple TV show The Crowded Room last year, has signed his next with Academy Award-winning filmmaker Christopher Nolan.
Tom Holland is going to have a very busy 2025. As per The Hollywood Reporter, the actor has signed Christopher Nolan’s next, which he will juggle the filming of with that of the long-awaited Spider-Man 4. (Also Read – Tom Holland shares why he left alcohol behind: ‘Struggling without booze…’)
Tom signs Nolan’s next
This will mark the first collaboration between Tom and Christopher. While details of his next directorial aren’t known yet, it’s most likely not to have a contemporary setting. It’ll be either set in the past like, his previous film Oppenheimer (2023), or in the future like Interstellar (2014). Matt Damon, who has worked with Christopher in both, has also come on board his next.
Christopher’s next will be co-produced by him and his wife Emma Thomas’ banner Syncopy Inc and Universal Pictures, as the two production houses will team up after the Academy Award-winning blockbuster Oppenheimer last year. Prior to Oppenheimer, Christopher collaborated mostly with Warner Bros before having a fallout post the debacle of Tenet (2020).
Warner Bros then went on to produce Greta Gerwig’s musical satire Barbie, which clashed with Oppenheimer at the box office and even outperformed it globally. Warner Bros offered Christopher a cheque for the fees he waived off for helming Tenet during the pandemic. While Christopher graciously accepted the belated remuneration, he still went on to pitch his next to Warner Bros.
Tom’s busy schedule
Tom didn’t have any release this year. His last outing was Todd Graff’s psychological thriller show The Crowded Room on Apple TV last year. He’ll juggle the filming of Christopher Nolan’s next and Spider-Man 4 in 2025. Tom has been playing the superhero ever since Russo Brothers’ 2016 blockbuster Captain America: Civil War. He’s slipped into the Peter Parker shoes post that for three standalone films and two Avengers movies. Spider-Man 4 will be helmed by Shang-Chi and the Legend of the Ten Rings director Destin Daniel Cretton.
As Tom’s girlfriend and co-star Zendaya will be busy filming Spider-Man 4 in 2025, she’ll reprise her role of Chani in Denis Villeneuve’s sci-fi spectacle Dune 3 only in 2026. Meanwhile, Tom is also likely to make an appearance as Spider-Man in Russo Brothers’ Avengers: Doomsday, which will go on floors in the spring of 2025.
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