Finance Minister Nirmala Sitharaman announced 1% TDS To Be Charged On Cryptocurrency Transactions From July 1

A TDS deduction on all virtual digital asset transactions of 1 % was announced in Union Budget 2022 - 2023 by Finance Minister Nirmala Sitharaman

After announcing a 30 % tax on crypto payments in India 2022 - 2023 in Union Budget. Cryptocurrency transactions are set to attract extra tax deducted at a source of 1 % starting from 1 July 2022

The TDS deduction will apply to all virtual digital asset transfers including cryptocurrencies and NFT over 10,000 INR in the newly introduced clause 47 A of the Income Tax Act.

VDA is defined as any information code, number, or token except Indian or any other foreign currency that is generated through cryptographic or other means NFT or any other related token are included in this act.

Furthermore, ambiguity over the rates arose after the income tax department website mentioned that the rate for virtual digital assets has been brought down to 0.1% from the 1 % TDS on crypto assets.

Read full news at: https://cryptounity.news/finance-minister-nirmala-sitharaman-announced-1-tds-to-be-charged-on-cryptocurrency-transactions-from-july-1

Comments

StarkWare is built into a unique ZK-Rollup Snap by MetaMask

StarkNet is not yet natively compatible with MetaMask because it uses a different address and account structure than Ethereum this is not EVM compatible with the first-ever Layer 2 snap that makes ZK rollup compatible users now have better access to a permissionless decentralized network for quick cheap applications. We made a StarkNet dApp that lets users install the snap as well manage and add tokens that are based on StarkNet snap lets you manage StarkNet assets by making StarkNet keys from your MetaMask secret Recovery Phrase without having access to your MetaMask information. Read full news at: http://cryptounity.news/starkware-is-built-into-a-unique-zk-rollup-snap-by-metamask

Aave Votes to Deploy on Ethereum Layer-2 Solution zkSync

Matter Lab's proposal to deploy Aave on the Testnet for its Ethereum scaler zKSync has been approved. Aave community members approved Matter Lab's proposal to deploy the decentralized lending protocol Aave on its Ethereum scaling product zkSync. Most voters favor the proposal while a mere 0.02% abstained more than 501,000 Aave governance tokens (AAVE) were used in the voting process. The approved proposal is to deploy Aave to zkSync Testnet for Mainnet deployment Matter Labs would need to propose a new vote. Read full news at: http://cryptounity.news/aave-votes-to-deploy-on-ethereum-layer-2-solution-zksync

What is the Ethereum Merge? : All you need to know about Ethereum Merge 2.0

The Ethereum Merge is the joining of Ethereum’s proof-of-stake (PoS) Beacon chain with the Ethereum Mainnet to transition the Ethereum blockchain off the legacy Proof-of-work (PoW) system. This will bring about a 99.95% decrease in Ethereum’s energy utilization, and the capacity to additional scale the Ethereum environment. It will bring about Ethereum 2.0, another adaptation of Ethereum. Currently, there are two independent blockchains for Ethereum operating in isolation. These are the current proof-of-work (POW) Ethereum chain and a separate proof-of-stake Beacon Chain. The Merge means to emphatically work on the effectiveness of the Ethereum platform by eliminating the requirement for energy-concentrated mining. It rather permits a network of validators to assume control over the job of block production and consensus. Read full news at: http://cryptounity.news/what-is-the-ethereum-merge-all-you-need-to-know-about-ethereum-merge-20

Cryptounity.news

Search This Blog