Blockchain & Crypto friendly jurisdiction : Malta

Malta (a small Island country in Mediterranean Ocean, near Italy in Europe) is a Blockchain & crypto-friendly Jurisdiction. It has promulgated 3 progressive laws to transparently regulate Blockchain & Cryptocurrency & NFTs etc. The Laws include The Malta Digital Innovation Authority Act, The Technology Arrangements and Services Act and the Virtual Financial Assets Act. Further,…More

New Scheme for Taxation of Digital Assets such as Cryptocurrencies & NFTs

The Finance Bill, 2022 has proposed a new Scheme for Taxation of Digital Assets such as Cryptocurrencies & NFTs. It may be duly noted that Transactions in Cryptocurrencies and NFTs were taxable in earlier years as well. The classification of Income under Heads of Income such as Business or Capital Gains or Other Sources with…More

Proposition : Paperless International Trade – A Use case for XBRL GL, Blockchain – Distributed Ledger & Smart Contracts, ISO 20022 Payment Messaging Standard, UNCITRAL MLETR, etc

A proposition on a use case for XBRL / Blockchain in Automation of International Trade Documentation. Problem Statement :  At present, Business Enterprises (including those engaged in International Trade) & Regulators thereof receive and send Transaction Documents – in closed formats – thus involve manual extraction & re-keying – in the recipient’s Accounting Package /…More

Accounting Automation Product – Trial Version 0.1

We are an India based Accounting Automation startup. We have developed an Accounting Automation product which takes away some of the mundane accounting tasks and lets the system and a business’ external trade partners be the trigger for automated data entry and processing into an enterprise’s accounting records / ERP; all still within the your…More

FINTECH & LAW 1 : PAYMENT SYSTEMS

Fintech – the portmanteau of the words “Finance” and “Technology” is the buzzword in Finance and Technology worlds with a large number of newage startups disrupting legacy businesses of established financial institutions. Whilst great emphasis is laid on the Finance and Technology aspects of their startups, budding entrepreneurs fail to gauge the law / legal…More

Cryptocurrencies : Who will regulate RBI or SEBI?

The Finance Minister Shri Arun Jaitley stated in his India Union Budget Speech on 1 February 2018 that, “The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. “. Any attempt to regulate…More

Legal Entity Identifier

A Legal Entity Identifier (or LEI), is a 20-character alpha-numeric string that is used to identify distinct legal entities that engage in financial transactions. The LEI is a global standard (ISO 17442), designed to be non-proprietary data that is freely accessible to all. Simply put, the publicly available LEI data pool can be regarded as…More

Solution to Denial of Service at ITD eFiling Website

I have a suggestion with respect of Income Tax Returns Compliance based on the proposition of Queing Theory – creation of parallel queues reduce waiting time and length of queues. At present, there are principally only Three Due Dates for Filing of Income Tax Returns (31 July – Non Audit | 30 September – Tax…More