Crypto Management Consultancy
What is crypto currency? How blockchain technology may help ones
business? May one bring ones current business to an ICO and
offer something unique to the industry? How can one implement
smart contracts within the company operations?
Above mentioned questions are being asked more often last months
by representatives of completely different industries. Most
entrepreneurs feel, that blockchain may resolve their industries
crucial security and reliability issues, however it is hard to
receive a fundamental consulting on the matter.
Specialists from Elliott India are ready to offer high quality
consulting and advising on the blockchain and crypto currency
exchange industries. You may always reach our assistants, and
they will pick the best solution for you!
Regulations of crypto currencies
Today there is no common directive or any international
legislative basis that could give an exact understanding how the
crypto currency industry should be regulated, however there are
certain trends in the regions that are worth to be mentioned:
-
Countries of the South American
region are not supporting the crypto currency industry and
they have rather unfavorable climate for blockchain projects;
-
USA, Canada and Japan – all three
countries have favorable legislation;
-
Sweden considers crypto currency
as a traditional fiat currency;
-
Legislation of China allows only
private individuals to hold and use bitcoins
Elliott India specialists make a thorough analysis of every
project and pick up the best jurisdiction that fit most the need
of the client.
Taxation of Crypto Currencies Transactions
Latest updates – Clarification on proposed Section 115BBH
in Budget 2022
1. Losses incurred from one virtual digital currency cannot be
set-off against income from another digital currency.
2. Infrastructure cost incurred on mining crypto assets will not
be treated as cost of acquisition.
Union Budget 2022 Outcome:
1. Income from transfer of virtual digital assets such as
crypto, NFTs will be taxed at 30%.
2. No deduction, except the cost of acquisition, will be allowed
while reporting income from transfer of digital assets.
3. Loss from digital assets cannot be set-off against any other
income.
4. Gifting of digital assets will attract tax in the hands of
receiver. Losses incurred from one virtual digital currency
cannot be set-off against income from another digital currency.
