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

Moneylending related offence included under PASA in Gujarat

The Governor of Gujarat has promulgated ‘The Gujarat Prevention of Anti Social Activities (Amendment) Ordinance, 2020’ with effect from 07 September 2020. Clause (ga) inserted in Section 2 defines a “money lending offender” to mean a person, who commits or attempts to commit or abets the commission of offences under Chapter IX of the Gujarat…More

Banning of Unregulated Deposit Schemes

1. The Government of India has promulgated ‘The Banning of Unregulated Deposit Schemes Act, 2019’ (21 of 2019) and it has commenced from 21 February 2019. Further, the Department of Financial Services, Ministry of Finance, Government of India, has notified ‘The Banning of Unregulated Deposits Schemes Rules, 2020’ with effect from 12 February, 2020. 2.1…More