The Institute of Chartered Accountants of India (ICAI) on Tuesday said it was working with a research paper to guide its members on accounting standards and research for cryptocurrency assets.
The report will include the effects of taxation, balancing, and auditing of crypto and other digital assets (VDAs), says a leading accounting professional. It will submit a report to the Center by the end of April.
"This (crypto) is a complex topic and we are dealing with this issue," said ICAI president Debashis Mitra.
The decision to create a research paper follows the requests of many members who have adhered to the property class which is relatively new, he said.
Union Budget 2022-23 raises 30% income tax on crypto assets since April 1. In addition, 1% TDS in real estate payments of more than Rs 10,000 per year and tax on those gifts in the hands of recipients he was released. proposed. The industry has sought clarification on a number of aspects of digital goods taxation.
Social Audit Standard
Mitra said the director of markets, the Securities and Exchange Board of India (Sebi), had asked ICAI to prepare a Social Audit Standard for NGOs and non-profit organizations.
This will include impact reporting and specific levels of Social Research on sub-issues of social impact such as poverty and nutrition, which include factors such as scope, engagement, basic principles, audit procedures, and documentation.
Thank you so much for reading share your thoughts in the comment section : )
Warm regards,
@Winy
35 % set to Ph-fund