Advocate (Dr.) Prashant Mali's Blog

The criminal use of cryptocurrencies Cryptocurrencies have been adopted as part of money laundering schemes and are particularly associated with several predicate offences including fraud and drug trafficking. They are also widely used as a means of payment for illegal goods and services offered online and offline. Money laundering is the main criminal activity associated with the illicit use of cryptocurrencies. The growing popularity and adoption of cryptocurrencies have led to their increasing use in money laundering schemes. Other criminal activities that show an intensive use of cryptocurrencies are related to the use of cryptocurrencies as a payment method for illicit goods and services, fraudulent cryptocurrency investments and cybercrime. In all instances, criminals want to obfuscate the source of the illicit assets with cryptocurrencies. A number of indicators show how criminals involved in frauds strongly rely on the use of cryptocurrencies. Cryptocurrencies are also the mean...

TAXATION  OF  BITCOIN  AND  OTHER  CRYPTO CURRENCIES IN  INDIA 😊 To understand the tax implications of Cryptocurrencies in India, the following points need to be understood under the context of the Income Tax Act: 1) Business Income - These are the profits and gains received from any business or profession carried on by the tax payer at any time during the Financial Year. It includes 'any' compensation received or other payment due to be received. Further, the compensation may be received in Cash or Kind. 2) Capital Gains - It means any income which has been derived from a 'Capital Asset' (whether movable or immovable) 3) Capital Asset - It means property of any kind held by the taxpayer, whether or not connected with his business or profession. However, this does not include any Stock in Trade Note: Since the cryptocurrencies have not been declared as legal tender by the Reserve Bank of India, these cannot be considered as legal tender (cash)...