ICAI is working on a crypto research paper


The Institute of Chartered Accountants of India (ICAI) announced on Tuesday that it is working on a research paper to advise its members on accounting and auditing standards for cryptocurrency assets. It plans to submit the report to the Centre by the end of April. According to the Institute of Chartered Accountants of India (ICAI), the report will cover tax implications, valuation, and auditing of crypto and other virtual digital assets (VDAs).

“This (crypto) is a complicated topic, and we are on top of it,” said ICAI president Debashis Mitra. “Auditing crypto is complex, given the nature of its transaction,” Mitra said. “So, even when the taxation part is somewhat clear, auditing it is tricky. That is why we felt the need to work on the paper on it which will bring better clarity on the matter.”

Read Also: Crypto loss cannot be set off against another crypto gain; govt. clarifies

It is noteworthy to mention that the Union Budget 2022-23 has proposed a 30 per cent flat income tax on crypto assets from April 1. Moreover, a 1 per cent TDS has also been introduced. And during recent proceedings at the Parliament, Pankaj Chaudhary, Minister of State, Ministry of Finance clarified that there would be no set off or deductions when it comes to taxation of cryptocurrencies. 

Read Also: Income Tax on Cryptocurrency income : TDS, loss, Reporting

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