Over six crore taxpayers had filed their income tax returns (ITRs) by Sunday evening, a day before the filing deadline, which the Income Tax Department termed a “new milestone” as this is significantly higher than the total returns filed by July 31, 2022. Nearly 26.8 lakh taxpayers filed their tax returns by 6:30 p.m. on July 30, while more than 1.3 crore “successful logins” were recorded on the e-filing portal of the IT department. ✔️ How does the taxation of virtual digital assets differ from that of traditional financial assets? ✔️ How does India’s approach to taxing virtual digital assets compare to other countries? ✔️ What future developments can we expect in the taxation of virtual digital assets in India?

Source: The Hindu July 31, 2023 14:26 UTC