{"id":264803,"date":"2022-03-31T18:00:24","date_gmt":"2022-03-31T12:30:24","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=264803"},"modified":"2022-03-31T18:40:25","modified_gmt":"2022-03-31T13:10:25","slug":"regulating-crypto-currencies-vide-finance-act-2022","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/31\/regulating-crypto-currencies-vide-finance-act-2022\/","title":{"rendered":"Regulating crypto currencies vide Finance Act, 2022"},"content":{"rendered":"<p style=\"text-align: justify;\">On 30<sup>th<\/sup> March, 2022, Central Government passed <strong>Finance Act, 2022<\/strong> for the financial year 2022-2023. Finance Act will be effective from 1<sup>st<\/sup> April 2022.<\/p>\n<p style=\"text-align: justify;\"><strong><u>Key Changes:<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\">Government adopts the following changes in direct and indirect taxes:<\/p>\n<p style=\"text-align: justify;\"><strong><u>Taxes on Individuals<\/u><\/strong>&#8211;<\/p>\n<p style=\"text-align: justify;\">Rates of Income Tax-<\/p>\n<ul style=\"text-align: justify;\">\n<li>Income-tax shall be charged at the rates specified in <strong>Part I of the First Schedule<\/strong> of the <strong>Act<\/strong> and such tax shall be increased by a surcharge.<\/li>\n<li>Income Tax will be increased by a surcharge for every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person.<\/li>\n<li>The surcharge on long term capital gains arising on transfer of any type of assets at 15%.\u00a0 Earlier 15% surcharge was only on long term capital gain on the sale of listed equity or mutual funds.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><u>Covid-19-<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\">By Amendment in <strong>Sec. 56<\/strong> of Income Tax Act, Government as allowed exemptions in cases where an individual has received any amount for the purpose of meeting out medical expenditures caused due to the illness of Covid-19, from employer of that person or from any other person, received within <strong><em>twelve months from death of that person<\/em><\/strong>, will be exempted from the taxes. These provisions will be effective in retrospective nature 1<sup>st<\/sup> April, 2020.<\/p>\n<p style=\"text-align: justify;\"><strong><u>Virtual Digital Asset:<\/u><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><strong> Section 3<\/strong> of the <strong>Act<\/strong> introduces Virtual Digital Asset (<strong>VDA<\/strong>) as a taxable asset under Income Tax Act, 1961.<\/li>\n<li><strong>VDA<\/strong> shall include assets\/tokens which are generated through digital representation, cryptographic means, or any other means defined in <strong> 2 (47-A)<\/strong> of the Income Tax Act, 1961.Virtual Digital Assets will include prevailing crypto-currencies and non-fungible tokens (NFTs).<\/li>\n<li>Virtually generated assets which are not part of Indian currencies are widely called Crypto-currencies. They inherit value or functions as a store value which can be traded electronically.<\/li>\n<li>1<sup>st<\/sup> April, 2023 onwards, VDA will be taxed at the rate of 30% under <strong>Section 115-BBH<\/strong> of the Income Tax Act. Such crypto currencies will be identified as virtual assets. Income earned out of these assets will be of taxable nature and charged at the rate of 30%.<\/li>\n<li>No set off of losses from \u201ctransfer\u201d (<strong> 2 (47)<\/strong> of Income Tax Act, 1961) of the virtual digital asset computed shall be allowed against income computed under any provision of this Act. Losses from these assets can not be balanced out from profits of arising of such other assets. Carry forward of such losses to subsequent years is not allowed.<\/li>\n<li><strong>Section<\/strong> <strong>115-BBH<\/strong> does not cover cases where VDA has been held as a trading asset and income from transfer is taxable under the head of business or profession.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><u>Specified income of certain institutions:<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\">Any trust, educational institution, hospital, or other medical institutions, will be charged at the rate of 30% on \u201cspecified income\u201d. Introduced under Sec. 115-BBI, Specified Income, shall mean income accumulated or set apart in excess of 15% and other source of incomes specified under <strong>Sec. 10<\/strong> of Income Tax Act.<\/p>\n<p style=\"text-align: justify;\"><strong><u>Tax on Updated return:<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\">By, newly inserted provision, Section 140-B, when no return has been filed by the taxpayer, the assessee shall be liable to pay such tax together with interest and fee payable under any of the provisions of this Act. The taxpayer can now file an updated return.<\/p>\n<p style=\"text-align: justify;\"><strong><u>Deduction in Pension Scheme of Central Government:<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\">By Amendment in <strong>Sec. 80-CCD<\/strong>, both Central and State government will now be claiming Pension Scheme <strong>(NPS)<\/strong> with retrospective effect from 1<sup>st<\/sup> April, 2020. Deduction in computation of his total income will be made in the account will be allowed to the assessee.<\/p>\n<p style=\"text-align: justify;\"><strong><u>Procedure where an identical question of law is pending before High Courts or Supreme Court:<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\">Where any case is pending, regarding assessment year is question of law, before the jurisdictional High Court under Sec. 260-A or the Supreme Court in an appeal under Sec. 261 or under Article 136 of the Constitution, Principal Commissioner or Commissioner will direct the Assessing Officer as to the treatment of the appeal under Sec. 158-AB.<\/p>\n<p style=\"text-align: justify;\"><strong><u>National Faceless Assessment Centre:<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\">By modifying <strong>Section 144-B<\/strong> of Income Tax Act, Faceless Assessment of Taxes to assessment unit through an automated allocation system will be assigned by NFAC.<\/p>\n<p style=\"text-align: justify;\">The National Faceless Assessment Centre shall-<\/p>\n<ul style=\"text-align: justify;\">\n<li>upon receipt of acceptance from the eligible assessee<\/li>\n<li>when no objections are received from the eligible assessee, within the period covered under Sec. 144C.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><u>Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability-<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\">Effective from 1<sup>st<\/sup> April, 2023, <strong>Sec. 80-DD<\/strong> of Income Tax Act is amended to provide relief to disable persons by paying annuity or lump sum amount for the benefit of a dependant.<\/p>\n<hr \/>\n<h4>*Shubhi Srivastava, Editorial Assistant has reported this brief.<\/h4>\n","protected":false},"excerpt":{"rendered":"<p>On 30th March, 2022, Central Government passed Finance Act, 2022 for the financial year 2022-2023. Finance Act will be effective from 1st <\/p>\n","protected":false},"author":121,"featured_media":253058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[],"class_list":["post-264803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-statutes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Regulating crypto currencies vide Finance Act, 2022 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/31\/regulating-crypto-currencies-vide-finance-act-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Regulating crypto currencies vide Finance Act, 2022\" \/>\n<meta property=\"og:description\" content=\"On 30th March, 2022, Central Government passed Finance Act, 2022 for the financial year 2022-2023. 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It also puts a disproportionate burden on the honest taxpayers who have to bear the brunt of higher taxes to make up for the revenue leakage. As a step forward\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":219758,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/20\/corporate-tax-rates-slashed-to-22-for-domestic-companies-and-15-for-new-domestic-manufacturing-companies-and-other-fiscal-reliefs\/","url_meta":{"origin":264803,"position":2},"title":"Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs","author":"Bhumika Indulia","date":"September 20, 2019","format":false,"excerpt":"The Government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act, 1961 and the Finance (No. 2) Act 2019. This was announced by the Union Minister for Finance & Corporate Affairs Smt Nirmala Sitaraman during the Press Conference in Goa today. The\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":222768,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/03\/taxation-amendment-bill-2019-passed-by-lok-sabha-reduction-in-corporate-tax-rates\/","url_meta":{"origin":264803,"position":3},"title":"Lok Sabha clears passage for &#8212; Taxation Amendment Bill, 2019 ; Reduction in Corporate tax rates","author":"Bhumika Indulia","date":"December 3, 2019","format":false,"excerpt":"Lok Sabha passed the Taxation Amendment Bill, 2019 on Lok Sabha on 02-12-2019. Corporate Tax Rates slashed to be slashed to 22% for domestic companies and 15% for new domestic manufacturing companies, according to the said bill. List of amendments: Section 92 BA Section 115 BA Insertion of Sections 115\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":222364,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/21\/cabinet-approves-taxation-laws-amendment-bill-2019\/","url_meta":{"origin":264803,"position":4},"title":"Cabinet approves Taxation Laws (Amendment) Bill, 2019","author":"Bhumika Indulia","date":"November 21, 2019","format":false,"excerpt":"The Union Cabinet has approved the proposal for introducing the Taxation Laws (Amendment) Bill, 2019 in order to replace the Ordinance. Economic developments after the enactment of the Finance (No. 2) Act, 2019 (Finance Act) along with the reduction of the rate of corporate income tax by many countries world\u2026","rel":"","context":"In &quot;Cabinet Decisions&quot;","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":282072,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/20\/respective-assesses-not-liable-to-pay-surcharge-under-proviso-section-113-and-persons-other-than-searched-persons-liable-to-pay-interest-late-filing-return-under-section-158-bc-in-absence-of-notice-le\/","url_meta":{"origin":264803,"position":5},"title":"Supreme Court settles the dispute with respect to levy of interest and surcharge for belatedly filing Income Tax Return","author":"Editor","date":"January 20, 2023","format":false,"excerpt":"Supreme Court noted that the \u2018interest' only follows the \u2018principal', therefore, the \u2018principal' being the payable tax, resulted into no liability to pay the tax along with return. Consequently, held that there is no liability to pay interest if there was no liability to pay the tax.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/01\/MicrosoftTeams-image-144.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/264803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=264803"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/264803\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/253058"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=264803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=264803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=264803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}