As revealed in the Union Budget, profits from trading in crypto and other virtual assets such as non-fungible tokens (NFTs) will be taxed at a flat 30% rate beginning in April.

This would apply to all virtual digital assets (VDA) and their earnings from Bitcoin to non-fungible tokens (NFTs).

Furthermore, for every transaction involving crypto and other virtual assets, 1% of tax will be deducted at source (TDS).&nbsp;

For example, if a crypto investor buys crypto for Rs 10,000 and sells it for Rs 15,000, netting a profit of Rs 5,000, the investor will face a 30% tax on the profit.&nbsp;

Meanwhile, with only a few days till the new tax system for crypto assets takes effect, numerous investors are reportedly booking profits, rejigging their portfolios, or transferring their crypto assets to private wallets outside of India.&nbsp;

Crypto investors should be aware of a few fiscal regulations for the years 2022-2023:

1: After accounting for all bitcoin transactions for the year, no tax will be required to be paid if an investor is losing money with no earnings.

2: Furthermore, investors will not be taxed if they purchase a crypto asset that has gained in value but are unable to sell it due to market conditions. The profits will not be taxed until they sell it for a profit.

3: When calculating taxes, losses from one type of VDA cannot be offset by gains from other VDA transactions.This means that investors will have to pay a 30% tax on any gains made, while losses will not be deducted from the final taxation amount when trading other tokens.As a result, if you make a profit on one token but lose on another, you must still pay 30% on the profitable token.&nbsp;

4: TDS will be imposed on July 1 and will be deducted from the whole transaction value, regardless of whether the investor makes a profit or a loss.

5: Experts and business owners will be unable to deduct gains or losses from their main income and cryptocurrency revenue.

(With inputs from agencies)

As revealed in the Union Budget, profits from trading in crypto and other virtual assets such as non-fungible tokens (NFTs) will be taxed at a flat 30% rate beginning in April.

As revealed in the Union Budget, profits from trading in crypto and other virtual assets such as non-fungible tokens (NFTs) will be taxed at a flat 30% rate beginning in April. This would apply to all virtual digital assets (VDA) and their earnings from Bitcoin to non-fungible tokens (NFTs). Furthermore, for every transaction involving crypto and other virtual assets, 1% of tax will be deducted at source (TDS). For example, if a crypto investor buys crypto for Rs 10,000 and sells it for Rs 15,000, netting a profit of Rs 5,000, the investor will face a 30% tax on the profit. Meanwhile, with only a few days till the new tax system for crypto assets takes effect, numerous investors are reportedly booking profits, rejigging their portfolios, or transferring their crypto assets to private wallets outside of India. Crypto investors should be aware of a few fiscal regulations for the years 2022-2023: 1: After accounting for all bitcoin transactions for the year, no tax will be required to be paid if an investor is losing money with no earnings. 2: Furthermore, investors will not be taxed if they purchase a crypto asset that has gained in value but are unable to sell it due to market conditions. The profits will not be taxed until they sell it for a profit. 3: When calculating taxes, losses from one type of VDA cannot be offset by gains from other VDA transactions.This means that investors will have to pay a 30% tax on any gains made, while losses will not be deducted from the final taxation amount when trading other tokens.As a result, if you make a profit on one token but lose on another, you must still pay 30% on the profitable token. 4: TDS will be imposed on July 1 and will be deducted from the whole transaction value, regardless of whether the investor makes a profit or a loss. 5: Experts and business owners will be unable to deduct gains or losses from their main income and cryptocurrency revenue. (With inputs from agencies)

India: 30% tax on profits from cryptocurrency assets from April 1

Germany's main automobile industry body said on Wednesday it expects global car sales to fall by 5 per cent&nbsp;this year, the steepest drop since the financial crisis, and warned of more job cuts in 2020 as a result.

"The competition is getting tougher, the headwinds are getting stronger," Bernhard Mattes, president of industry association VDA, told reporters, adding that the association expected global car sales to fall by 4.1 million to 80.1 million this year.

Germany's export-dependent car industry is struggling with weaker foreign demand, tariff disputes sparked by US&nbsp;President <a href="https://www.wionews.com/world/after-trump-china-says-no-time-limit-on-trade-deal-with-us-266194">Donald Trump</a>'s 'America First' policies and business uncertainty linked to Britain's decision to leave the European Union.

The sector, an important driver of overall growth in Europe's largest economy, is also having trouble adjusting to stricter regulation following an emissions-cheating scandal and managing a broader shift away from combustion engines toward electric cars.

"Capacity utilization has declined, limited-term employment contracts are not being renewed, and the instrument of short-time work is being employed once again," Mattes said. This meant that the number of permanent staff in car factories was likely to fall further.

Mattes said the association already expected a drop in employment this year, and this trend would worsen in 2020, though he gave no figures for the predicted layoffs.

In 2018, employment in the car industry in Germany reached 834,000, its highest level since 1991.

VDA expects car sales in Germany to fall by 4 per cent&nbsp;to 3.43 million in 2020 and to drop by 2 per cent&nbsp;to 15.3 million in Europe.

The US&nbsp;market for light vehicles is seen shrinking by 3 per cent&nbsp;to 16.5 million while car sales in China are expected to go down by 2 per cent&nbsp;to 20.5 million, VDA said.

Mattes called on Chancellor Angela Merkel's shaky ruling coalition to get its act together and help companies to better master the structural changes in the car industry that also include trends like digitisation and autonomous driving.

"Now it must be all about improving the framework conditions in Germany as an industrial business location," Mattes said. "What we need right now, therefore, is a stable government capable of taking action."

Germany's main automobile industry body said on Wednesday it expects global car sales to fall by 5 per cent this year, the steepest drop since the financial crisis, and warned of more job cuts in 2020 as a result.

Germany's main automobile industry body said on Wednesday it expects global car sales to fall by 5 per cent this year, the steepest drop since the financial crisis, and warned of more job cuts in 2020 as a result. "The competition is getting tougher, the headwinds are getting stronger," Bernhard Mattes, president of industry association VDA, told reporters, adding that the association expected global car sales to fall by 4.1 million to 80.1 million this year. Germany's export-dependent car industry is struggling with weaker foreign demand, tariff disputes sparked by US President Donald Trump's 'America First' policies and business uncertainty linked to Britain's decision to leave the European Union. The sector, an important driver of overall growth in Europe's largest economy, is also having trouble adjusting to stricter regulation following an emissions-cheating scandal and managing a broader shift away from combustion engines toward electric cars. "Capacity utilization has declined, limited-term employment contracts are not being renewed, and the instrument of short-time work is being employed once again," Mattes said. This meant that the number of permanent staff in car factories was likely to fall further. Mattes said the association already expected a drop in employment this year, and this trend would worsen in 2020, though he gave no figures for the predicted layoffs. In 2018, employment in the car industry in Germany reached 834,000, its highest level since 1991. VDA expects car sales in Germany to fall by 4 per cent to 3.43 million in 2020 and to drop by 2 per cent to 15.3 million in Europe. The US market for light vehicles is seen shrinking by 3 per cent to 16.5 million while car sales in China are expected to go down by 2 per cent to 20.5 million, VDA said. Mattes called on Chancellor Angela Merkel's shaky ruling coalition to get its act together and help companies to better master the structural changes in the car industry that also include trends like digitisation and autonomous driving. "Now it must be all about improving the framework conditions in Germany as an industrial business location," Mattes said. "What we need right now, therefore, is a stable government capable of taking action."

German car industry to slash more jobs in 2020

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India: 30% tax on profits from cryptocurrency assets from April 1

German car industry to slash more jobs in 2020