How much tax will be imposed on the transfer of virtual assets from April 1st?

Daily Current Affairs

18%

25%

30%

35%

Correct Answer : 30%

If you have invested in cryptocurrencies, be ready to pay tax on the gains from 1st April 2022 under the new scheme for Taxation of Virtual Digital Assets.

During the budget speech on February 1, Finance Minister Nirmala Sitharaman proposed a flat 30% capital gains tax on all virtual digital assets, a 1% Tax Deductible at Source (TDS) on all transactions involving virtual digital assets ( VDAs), no offsetting of losses, and taxation of crypto gifts. VDAs include cryptocurrency as well as non- fungible tokens (NFTs).

The chairman of Central Board of Direct Taxes, JB Mohapatra, in a statement on March 17, 2022, confirmed that the proposed 30% taxation on income from cryptocurrencies and other virtual assets will come into effect from April 1, 2022.

TDS at the rate of 1% shall be deducted on transactions in such digital asset classes from July 1.

How your crypto assets will be taxed :

From 1st April 2022, a 30(%) percent I-T plus cess and surcharges will be levied in the same manner as it treats winnings from speculative transactions.

One per cent TDS on payments towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient. The 1 per cent TDS will have to be deducted on the purchase value of the transaction. The threshold limit for TDS would be Rs 50,000 a year for specified persons, which include individuals/HUFs who are required to get their accounts audited under the I-T Act. The provisions related to 1 per cent TDS will come into effect from July 1, 2022, while the gains will be taxed effective April 1.

You may sell cryptocurrency at a profit or loss but TDS at the rate of 1 percent would occur irrespective. However, one can claim refund of TDS done on transaction involving loss.

"The flat 30% tax rate may not prove to be the best outcome since it does not consider aspects of long and short-term gains calculated in line with the holding period of VDAs. Gifting VDAs may not become mainstream due to this tax regime. The challenge in the trade of VDAs is with respect to determining the identity of payee and thus, VDA transactions demand more transparency, " said Rishi Anand, Partner at DSK Legal..

Source : Times of India

Published On : April 1, 2022

The History Behind This Day

The idea for World Book and Copyright Day comes from a traditional celebration in Catalonia, which is a region in Spain. On April 23rd, people in Catalonia exchange books and roses as gifts. This tradition is called “La Diada de Sant Jordi” or Saint George’s Day.

In 1995, UNESCO (United Nations Educational, Scientific and Cultural Organization) decided that April 23rd should become a worldwide day to celebrate books. This date was chosen because it is the anniversary of the deaths of several famous authors like William Shakespeare, Miguel de Cervantes, and Inca Garcilaso de la Vega.

Since 1996, World Book and Copyright Day has been celebrated in over 100 countries every year on April 23rd.

Why is World Book and Copyright Day Important?

World Book and Copyright Day is important for a few key reasons :

* It promotes reading and literacy: This day encourages people of all ages and backgrounds to develop a love for reading books. Reading is a fundamental skill that opens up opportunities for lifelong learning.

* It raises awareness about copyright: Copyright laws protect the rights of authors and publishers. This day educates people about why copyright is crucial for supporting the creation and sharing of literary works.

* It celebrates cultural heritage: Books allow cultures and traditions to be recorded and passed down through generations. World Book Day honors the role of literature in preserving cultural heritage.

How to Celebrate World Book and Copyright Day 2024

There are many fun ways to get involved in the World Book and Copyright Day celebrations:

* Attend a book exchange event where you can trade books with others

* Visit your local library or bookstore for special readings or meet-the-author events

* Host a book club discussion or start a reading challenge with friends/family

* For writers, participate in writing workshops or competitions

* For educators, organize storytelling sessions or book fairs at schools

The most important thing is to pick up a book and spend time reading and appreciating the hard work and creativity of authors!

World Book and Copyright Day reminds us of the power of books to educate, inspire, and connect people across the globe. Join the worldwide festivities on April 23rd, 2024 to celebrate the joy of reading.

Published On : April 23, 2024

Q .

Which Counrties Relations Strengthened with Inaugural Hindi Radio Broadcast?

India-Kuwait

India-Oman

India-Bahrain

India-Yemen

Correct Answer : Option (A) - India-Kuwait

The Indian Embassy in Kuwait announced the launch of the first-ever Hindi radio broadcast in Kuwait, a significant step to deepen ties between the two nations. Initiated by Kuwait’s Ministry of Information, the program will air every Sunday on FM 93.3 and AM 96.3, highlighting the bond between India and Kuwait.

Initiative to Strengthen Bilateral Ties :

* The Indian Embassy in Kuwait commended Kuwait’s Ministry of Information for introducing a Hindi program on Kuwait Radio, enhancing cultural exchange and fostering closer relations between India and Kuwait.

Indian Community in Kuwait :

* With approximately 1 million members, the Indian community is the largest expatriate group in Kuwait. Their contributions span various professions, including engineering, medicine, finance, technology, and retail.

Trade and Economic Relations :

* India and Kuwait share robust trade ties, dating back to the Indian rupee’s status as Kuwait’s official currency until 1961. The 60th anniversary of diplomatic relations in 2021-22 underscored the enduring friendship between the two nations.

Diplomatic Exchange :

* Indian Ambassador to Kuwait, Adarsh Swaika, commended Kuwait’s Deputy Prime Minister, Sheikh Fahad Yousef Saud Al-Sabah, for his expatriate-friendly initiatives, reinforcing the strong diplomatic relations between India and Kuwait.

* This format succinctly captures the key aspects of the news while maintaining a clear structure with targeted sub-headers.

Published On : April 23, 2024

Q .

Which Country Hosts Inaugural Rainbow Tourism Conference, Paving the Way for Inclusive Travel?

Bhutan

Nepal

Sri Lanka

Mongolia

Correct Answer : Option (B) - Nepal

Mayako Pahichan Nepal, in collaboration with the Nepal Tourism Board, orchestrated the groundbreaking first International Rainbow Tourism Conference. This one-day event marks a significant leap forward in fostering diversity and inclusivity within Nepal’s tourism industry, positioning the country as a welcoming destination for the sexual minority community in South Asia.

Participants and Objective :

The conference drew around 120 attendees, including members of the LGBTI community, NGOs, activists, writers, and media representatives from Nepal, India, Sri Lanka, Germany, Spain, and the US. Its primary objective was to position Nepal as a leading LGBT-friendly tourism destination, leveraging rainbow tourism to promote economic growth and social empowerment within the LGBTI community.

Rights of LGBT Community :

Nepal’s commitment to LGBT rights is underscored by its constitution and reinforced by landmark Supreme Court decisions. With over 3,100 formal registrations of LGBT individuals, Nepal has formulated laws ensuring equal treatment and a violence-free environment. The Supreme Court’s directives, including legalizing same-sex marriage, demonstrate Nepal’s dedication to justice and equality for all citizens.

Declaration and Commitment :

The conference concluded with a declaration reaffirming Nepal’s unwavering commitment to promoting diversity and inclusivity within the tourism industry. As Nepal embraces rainbow tourism, it sends a powerful message of acceptance and tolerance to the world, striving to create a world where every traveler feels embraced and empowered.

Through initiatives like this conference, Nepal solidifies its position as a beacon of inclusivity in global tourism, promising not only economic growth but also a more equitable and accepting world for all.

Published On : April 23, 2024