CONTENTS
Chapters Pages
1. Introduction…………………………………………………………………………………….. 1
2. Key Developments around the World …………………………………………….. 8
3. India’s Journey of Cryptocurrency – From Barter to Bitcoin…………… 15
4. Laws Governing Virtual Digital Assets………………………………………….. 23
5. What is Virtual Digital Assets………………………………………………………… 35
6. “Virtual Digital Asset” means [Section 2(47A)] ……………………………… 42
7. Types of Virtual Digital Asset………………………………………………………… 46
8. Types of Cryptocurrency……………………………………………………………….. 50
9. How Does Cryptocurrency Work? ………………………………………………… 55
10. Before Investing in a Cryptocurrency ……………………………………………. 57
11. Blockchain Technology………………………………………………………………….. 59
12. Distributed Ledger Technology……………………………………………………… 67
13. Centralized Ledger………………………………………………………………………… 72
14. Decentralized Ledger…………………………………………………………………….. 75
15. Non-Fungible Token (NFT) …………………………………………………………… 78
16. Proof of Work vs Proof of Stake…………………………………………………….. 86
17. Mining of Cryptocurrency …………………………………………………………….. 95
18. Cryptocurrency Wallet…………………………………………………………………… 99
19. Cryptojacking………………………………………………………………………………. 104
20. How to Buy Cryptocurrency ……………………………………………………….. 107
21. How to Sale Cryptocurrency ……………………………………………………….. 112
22. Taxation Position of Virtual Digital Asset in India prior to 01.04.2022 ……………………………………………………………………….. 116
23. Head of Income under which Virtual Digital Assets Taxable……….. 118
24. Taxation of Crypto Airdrops………………………………………………………… 122
25. Taxability of Virtual Digital Assets received as Gifts in the
hands of recipient [Section 56(2)(x)] …………………………………………….. 125
26. Determination of Fair Market Value of Virtual Digital Assets ……… 129
27. Taxation of Non-Fungible Token (NFT) [Clause (a) of the Explanation to section 2(47A)]………………………….. 130
28. Tax on Income from Virtual Digital Assets [Section 115BBH]………. 137
29. Treatment for Loss from transfer of Virtual Digital Assets [Section 115BBH(2)(b)]…………………………………………………………………. 141
30. What is ‘Transfer’ in relation to Virtual Digital Asset [Section 115BBH(3)]……………………………………………………………………… 145
31. Computation of Income from Transfer from Virtual Digital Assets……………………………………………………………………………….. 147
32. Taxability of Creation of Cryptocurrencies from an International Perspective……………………………………………………………… 152
33. TDS on Payment of transfer of Virtual Digital Asset (Cryptocurrencies) [Section 194-S]……………………………………………….. 162
34. Obligation to Furnish Information on Transaction of Crypto-Asset [Section 285BAA] …………………………………………………… 192
35. Reporting gains from crypto/NFTs and other Virtual Digital Assets in Income Tax Return……………………………………………………….. 195
36. Disclosure of Crypto Assets in Schedule of Assets and Liabilities……………………………………………………………………………………… 200
37. Goods & Services Tax (GST) on Virtual Digital Assets …………………. 204
38. Virtual Digital Assets (‘VDAs’) come under the ambit of Prevention of Money Laundering Act, 2002 (PMLA)……………………. 207
39. Applicability of Foreign Exchange Laws of India for Trading in Virtual Currencies……………………………………………………………………. 219
40. Virtual Digital Assets (VDA)/ Crypto-Assets Questionnaire………… 222
41. Cryptocurrency : Legal or Illegal …………………………………………………. 224
42. Case Laws on Virtual Digital Assets/Cryptocurrency ………………….. 264
43. Frequently Used : Important Terms……………………………………………… 269
44. Frequently Asked Questions (FAQs)……………………………………………. 279
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