Breakdown of all components of #cryptocurrency #tax in #Budget2022 🧵

4 major provisions proposed, effective at different points in time:
1. New Income Tax scheme 115BBH
2. New TDS clause 194S
3. Gifting of #crypto taxed as property
4. Sweeping definitions of crypto assets Income Tax:

New Scheme 115BBH (effective 1 April 2023)

Any income generated from transfer of any virtual asset will be taxed at 30%. There will be no deductions or offsets allowed. There will be no carry forward of losses into subsequent assessment years.

🚨Thread 🚨answering questions on India's #Budget2022 #crypto #CBDC announcements (send me Qs here)

Q1. Does taxation mean a recognition of the legality of crypto?
What is legal & isn't will be decided by the India Crypto Bill, which hasn't been tabled yet. This is a deterrent..

https://twitter.com/rishabhmansur2/status/1488411292113063941

The #India #crypto #bill was expected to be tabled in final form in this budget session. It might be so if the cabinet clears it but the bill is expected to be finalized by May. The motivations behind today's announcement is not clarity per se but signaling:

India's #crypto arc in a global perspective: India lags the world by an average of 2-3 years in terms of #crypto #regulatory framework development. We are now on the 3rd Inter-Ministerial Committee on crypto. Some pts from my session at #HODLConference2021 @IAMAIForum India's adoption of #cryptocurrency is ramping up exponentially, signalling a clear demand for these tokens in the country. India recently ranked a whopping second on Chainalysis's Global #Crypto Adoption Index @chainalysis @SEBI_India @nsitharaman @RBI @NPCI_NPCI

The latest #OCC guidance allowing settlement through #stablecoins is exciting but with many side effects. There are threads that link it to the #Bitcoin price and ATHs, #Tether ,#Libra , #JPMorgan #WallStreet , #DCEP. I'm watching out for 6 aspects 👇1/n 1 - What most have caught on to is that stablecoins getting linked to banks will eventually make them more regulated and justify full AML/KYC disclosures. This will eventually be required everywhere, not just in the US. Another impact would be on reserve management..2/n

#BeyondHeadlines: There are not-so-obvious global reasons why the #OilMarketCrash is NOT good for #India.

Heavy #QE/ currency pressure + Intense #geopolitical tension

= #India, importer & friend to all oil producers, in the crosshairs.

Thread on these impacts of #OilPrice 👇 US #oilprice crashed negative for the 1st time in history. West Texas Intermediate (a US crude) traded as low as -$40.32 a barrel. So far the bulk of the losses are in US crude, -200 to -1000%! Global (Brent) crude has not gone down as much because global storage still exists.

4 lesser known truths about the big #Facebook #RelianceJio deal:

1. Facebook struggled with regulation for 3 years in trying to launch #WhatsApp Pay bcoz of privacy issues+blocking by high access of PayTM etc. So FB made a deal with the big daddy of Indian companies with access.

https://twitter.com/moneycontrolcom/status/1252797693178626060

2. The recently launched NUE framework by the #RBI is possibly a big end game being targeted by the partnership. This framework allows for parallel payment infrastructure to UPI being set up countrywide. $5.7 bn is cheap for this scale of access & profit

m.rbi.org.in/scripts/bs_vie…

🚨#India #Crypto #ban #regulation🚨THREAD:

Imp pts for every observer in India/abroad in short clips:

Part 1 - Analyzing Leaked docs

1. Pg cites fine or 1-10 yrs for SPECIFIC activities
2. No definitions! Draft clearly not ready for legislation (1/n) Part 2 - Understand the policy process

1. Draft doesnt = ban, until it clears Finance Minister & Parliament vote.

2. Public consultation NOT mandatory. Ask for it.

3. WRITE (>tweet) to folks mentioned in the vid

#India #Crypto #ban #regulation (2/n)