Latest news with #VDA
Reuters
15 hours ago
- Automotive
- Reuters
German car manufacturers incurred costs of half a billion euros in April due to tariffs, says VDA
BERLIN, June 20 (Reuters) - German car manufacturers are likely to have incurred costs of around half a billion euros in April due to import tariffs imposed by U.S. President Donald Trump, the head of the VDA auto industry lobby group said an interview published on Friday. "We have roughly estimated that German manufacturers probably incurred additional costs of around half a billion euros in their export business from Germany to the USA in April," Hildegard Mueller told the Funke media group.
Yahoo
15 hours ago
- Automotive
- Yahoo
German car manufacturers incurred costs of half a billion euros in April due to tariffs, says VDA
BERLIN (Reuters) -German car manufacturers are likely to have incurred costs of around half a billion euros in April due to import tariffs imposed by U.S. President Donald Trump, the head of the VDA auto industry lobby group said an interview published on Friday. "We have roughly estimated that German manufacturers probably incurred additional costs of around half a billion euros in their export business from Germany to the USA in April," Hildegard Mueller told the Funke media group. (Writing by Friederike Heine, Editing by Miranda Murray)
Economic Times
7 days ago
- Business
- Economic Times
Explained: CBDT targets unaccounted income invested in crypto
The Central Board of Direct Taxes (CBDT) is investigating tax evasion and the laundering of undeclared money by high-risk individuals who have invested in cryptocurrency or virtual digital assets (VDAs). Why is the tax body doing this? The main reason is to curb tax evasion and the laundering of unaccounted funds. Sources told PTI that the CBDT has identified some "high-risk persons" who are putting money in VDAs but have not complied with the Income Tax Act. Data reviewed by the I-T department showed violations such as not filing the mandatory Schedule VDA in their income tax returns (ITRs), paying tax at lower rates, or wrongly claiming cost indexation. The tax body is matching ITRs filed by taxpayers with the TDS data submitted by crypto exchanges to identify taxpayers who have wrongly declared their crypto income. CBDT has recently embarked on a new approach termed NUDGE (Non-intrusive Usage of Data to Guide and Enable) Taxpayers, as part of the TRUST Taxpayers FIRST philosophy. Under this, the CBDT is reaching out to thousands of individuals, asking them to review their returns or update them if their transactions are not properly declared. This is to give people a chance to voluntarily comply before stringent actions are taken. Beyond taxation, the government has shown concern about the likely misuse of cryptocurrencies for illegal activities such as terror financing and money laundering. Existing framework India has not formally recognised cryptocurrency as a legal tender, but the government introduced a taxation framework for VDAs in 2022. This includes: A flat 30% tax on income from VDA transfers. A 1% tax deducted at source (TDS) on the sale consideration of VDAs. No deduction of any expenses (except the cost of acquisition) is allowed. Losses from VDA investments or trading cannot be set off against any other income or carried forward to subsequent years.
Time of India
7 days ago
- Business
- Time of India
Explained: CBDT targets unaccounted income invested in crypto
The Central Board of Direct Taxes ( CBDT ) is investigating tax evasion and the laundering of undeclared money by high-risk individuals who have invested in cryptocurrency or virtual digital assets ( VDAs ). Why is the tax body doing this? The main reason is to curb tax evasion and the laundering of unaccounted funds. Sources told PTI that the CBDT has identified some "high-risk persons" who are putting money in VDAs but have not complied with the Income Tax Act. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like An engineer reveals: 1 simple trick to get all TV channels Techno Mag Learn More Undo Data reviewed by the I-T department showed violations such as not filing the mandatory Schedule VDA in their income tax returns (ITRs), paying tax at lower rates, or wrongly claiming cost indexation. The tax body is matching ITRs filed by taxpayers with the TDS data submitted by crypto exchanges to identify taxpayers who have wrongly declared their crypto income. Live Events CBDT has recently embarked on a new approach termed NUDGE (Non-intrusive Usage of Data to Guide and Enable) Taxpayers, as part of the TRUST Taxpayers FIRST philosophy. Under this, the CBDT is reaching out to thousands of individuals, asking them to review their returns or update them if their transactions are not properly declared. This is to give people a chance to voluntarily comply before stringent actions are taken. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Beyond taxation, the government has shown concern about the likely misuse of cryptocurrencies for illegal activities such as terror financing and money laundering . Existing framework India has not formally recognised cryptocurrency as a legal tender, but the government introduced a taxation framework for VDAs in 2022. This includes: A flat 30% tax on income from VDA transfers. A 1% tax deducted at source (TDS) on the sale consideration of VDAs. No deduction of any expenses (except the cost of acquisition) is allowed. Losses from VDA investments or trading cannot be set off against any other income or carried forward to subsequent years.
Time of India
7 days ago
- Business
- Time of India
CBDT probes ‘evasion' via crypto investments
. Several 'High-Risk Persons' Under Lens For Not Complying With I-T Act Provisions NEW DELHI: The Central Board of Direct Taxes (CBDT) has launched an investigation against several 'high-risk persons' who were allegedly evading taxes and laundering unaccounted funds by investing them in cryptocurrency. These entities and individuals, who were identified for verification and scrutiny, were allegedly involved in Virtual Digital Asset (VDA) transactions and did not comply with the provisions of the Incometax Act, sources said. Three years ago, finance minister Nirmala Sitharaman got parliamentary approval to amend the law to mandate a flat 30% tax, along with the applicable surcharge and cess, on income arising from VDA transfer. The law also bars the deduction of any expenses, except the cost of acquisition. Neither is the set-off of losses on these investments or trading allowed, nor is it permitted to carry forward the losses. The review of VDA returns pertains to 2022-23 and 2023-24. The income tax department's data analysis has shown that a large number of persons violated provisions of the Income Tax Act by not filing the details of VDA in their returns, not paying tax on the income, or claiming cost indexation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo CBDT has already sent emails to thousands of individuals, asking them to review their returns and update the income arising out of VDA transactions, sources said. The move is part of the recent 'nudge' philosophy of the department, hoping that the emails will do the trick and action will be taken against only those who do not respond to the communication or do not correct their returns. While govt is yet to recognise cryptocurrency as an asset class, it decided to impose a flat 30% tax on VDAs, along with 1% tax deducted at source (TDS) on the sale consideration. This drew a lot of adverse comments from the crypto lobby, which stated that exchanges would shut down and trading would move out of the country and operate through illegal means. There has also been lobbying for recognising crypto as an asset, even as govt believes that there needs to be a global push for cross-border regulation. Govt is expected to issue the long-awaited consultation paper soon. . Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
