Advocate (Dr.) Prashant Mali's Blog

How to Pay Ransom during a Ransomeware cyber attack in India ? The demand for ransom is illegal under the IPC, but not the payment . If business exigencies require, ransom may have to be paid under duress. even Section 37 of the income tax Act in India will not come in the way of the claim for deduction of ransom money.  Commissioner of Income Tax Vs M/s Khemchand Motilal Jain (Madhya Pradesh High Court (2011)) There are also companies that swoop in at the last minute to handle the logistics. companies like CyberSecOp,  DigitalMint, are a full-service, final-mile crypto broker. They are at the end of the process They hired specialists, after the forensic consultants, the company, and stakeholders have all made the determination victims have exhausted all their options and that paying the ransom from an economics perspective is the best way to move forward. That’s when they come to companies like  CyberSecOp,  digitalmint in order to help them acquire crypto at ...

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)...