ICAI is working on a research paper on cryptocurrencies

ICAI, the umbrella body of Chartered Accountants, will prepare a research paper on cryptocurrencies that will cover various aspects, including tax implications. ICAI President Debashis Mitra said on Tuesday that the institute was working on a research paper on cryptocurrencies, which should be ready in a month and a half.

Currently, cryptocurrencies are unregulated in the country.

Mitra said that once the research paper is completed, it will be submitted to the government.

“We are seized of the matter,” Mitra told reporters when asked about cryptocurrencies.

The Union Budget 2022-23 has provided clarification regarding the levy of income tax on crypto-assets. From April 1, a 30% tax, plus tax and surcharges, will be levied on such transactions in the same way it treats winnings from horse racing or other speculative transactions.

Additionally, the budget proposed a 1% TDS on payments to virtual currencies in excess of Rs 10,000 per year and the taxation of such gifts in the hands of the recipient.

The threshold limit for TDS would be Rs 50,000 per annum for specified persons, which includes individuals/HUFs who are required to have their accounts audited under the Information Technology Act.

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