India
The government has the authority to tax cryptocurrency
Finance Minister Nirmala Sitharaman said on Friday that the government has the sovereign power to tax profits made from cryptocurrency transactions and that the decision on whether to ban or not to ban will be made based on the results of consultations.
The minister responded to the broader discussion on the Union Budget by saying, “At this time, I will neither legalise nor prohibit it. When I have feedback from consultations, I’ll decide whether to prohibit or not to ban “,
“Whether it is lawful or illicit, it is a separate topic, but I would tax because it is a sovereign right to tax,” she said of profits derived from cryptocurrency trades.
The minister was answering questions about cryptocurrency posed by Congresswoman Chhaya Verma.
Verma had inquired about the legality of levying a tax on cryptocurrencies.
Only RBI-issued ‘Digital Rupee’ will be recognised as currency, Sitharaman announced in her Budget speech on February 1, and the government will collect a 30% tax on gains made from any other private digital assets beginning on April 1.
The Budget for 2022-23 proposes a 1% TDS on payments for virtual currencies exceeding Rs 10,000 per year, as well as taxes of such presents in the recipient’s hands.
For designated persons, such as individuals/HUFs who are required to have their accounts audited under the I-T Act, the TDS threshold limit would be Rs 50,000 per year.
In addition, when calculating income from transactions in such assets, no deduction for any expense or allowance shall be granted. It has also stated that losses incurred through the transfer of virtual digital assets would not be allowed to be deducted from other earnings.
The laws relating to 1% TDS will take effect on July 1, 2022, and gains will be taxed on April 1 of that year as per Union Budget.
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Navi Mumbai Civic Body Meeting Sees Heated Exchange Between Sagar Naik and Shivram Patil
Discussion over approval of civic proposals leads to a sharp argument during the NMMC General Assembly.
The Meeting
A heated exchange took place between Sagar Naik and Shivram Patil during the Navi Mumbai Municipal Corporation (NMMC) General Assembly while members discussed the civic body’s functioning and the approval of administrative proposals.
According to the report, the issue centred on proposals submitted by NMMC commissioners. Over the past seven months, 1,830 proposals were presented, of which 1,185 were approved. The figures and the process of approving the proposals led to questions from members during the meeting. The discussion became tense as Naik and Patil expressed differing views.
Members also raised broader concerns regarding the functioning of the civic administration and the role of elected representatives in decision-making. The exchange highlighted the differences among members over how civic proposals are discussed and approved in the NMMC General Assembly.
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Navi Mumbai Collects Nirmalya at Six Immersion Sites for Composting
Initiative turns floral offerings into compost and encourages residents to celebrate Ganeshotsav responsibly.
The Composite
As Ganeshotsav celebrations continue across the city, an eco-friendly initiative is helping ensure that religious offerings do not end up as waste. The Dr Shri Nanasaheb Dharmadhikari Pratishthan is collecting nirmalya at six major Ganesh immersion sites in Navi Mumbai and sending it for composting.
The initiative encourages devotees to place flowers and other religious offerings in specially designated containers instead of throwing them into water bodies. Volunteers at the sites are collecting and separating the waste before sending the floral material for composting.
The collection drive is being carried out at Diwale Jetty, Belapur village lake, Nerul village lake, Chincholi Lake in Shiravane-Juinagar, Koparkhairane Dharan Lake and Airoli Creek Lake. During the immersion of 1.5-day Ganesh idols, around 1,485 kg of nirmalya was collected from these six locations. Airoli recorded the highest collection at 450 kg, followed by Koparkhairane with 320 kg.
The collected flowers will be converted into compost, which can later be used for tree plantation and maintaining greenery in the city. The drive will continue throughout the Ganesh immersion period, giving residents an easy way to dispose of religious offerings responsibly while helping keep Navi Mumbai’s water bodies and surroundings cleaner.
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NMMC Uses Ganeshotsav Aarti Booklet to Spread Cleanliness Message
Unique booklet combines popular Ganeshotsav Aartis with messages on waste segregation and environmental protection.
The Message
With Ganeshotsav bringing families and communities together, the Navi Mumbai Municipal Corporation (NMMC) has come up with a unique way to promote cleanliness and environmental awareness. The civic body has introduced a special Aarti booklet that combines devotional Aartis with simple messages on keeping Navi Mumbai clean and eco-friendly.
The foldable booklet includes popular Aartis dedicated to Lord Ganesha, Lord Shiva, Goddess Durga, Lord Vitthal and other saints and deities. Alongside the prayers, it carries useful information encouraging citizens to adopt responsible waste management practices. The booklet urges residents to separate wet, dry, domestic hazardous and sanitary waste. It also encourages people to choose clay Ganesha idols instead of Plaster of Paris idols, avoid plastic bags and use cloth bags, and properly manage nirmalya by converting it into compost.
Designed to be compact and easy to carry, the booklet has been distributed across Navi Mumbai, including through school students. The initiative has also been promoted through social media. Through the initiative, NMMC aims to connect religious celebrations with everyday civic responsibility and encourage residents to celebrate Ganeshotsav while keeping the city clean and protecting the environment.
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