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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Housing Society Secretary Stabbed Over Elevator Dispute Near Navi Mumbai
Police arrest two men after an argument over a lift-related issue at a housing society turns violent.
The Case
The incident took place at Ashtavinayak Society in Adai village, Panvel taluka, around 11 pm on Tuesday. According to police, the dispute began over the society’s elevator repeatedly malfunctioning.
The victim, Vaibhav Ramchandra Patil, 43, was called to the ground floor by one of the accused, Vishwas Bhaskar Jadhav, 31, to discuss the lift problem. Jadhav was accompanied by Hrishikesh Suresh Satpute, 36. During the argument, Satpute allegedly attacked Patil with a knife, injuring his neck, chest, abdomen, back and thigh. Patil’s wife reportedly tried to intervene, but the accused allegedly pushed her away.
The entire incident was captured on CCTV cameras installed near the ground-floor elevator. Patil was admitted to Veer Hospital in New Panvel for treatment. Khandeshwar police arrested both accused and registered a case of attempted murder and other offences against them.
A Panvel court remanded the two men in police custody until October 9 for further investigation. The incident highlights how a dispute over a common housing society facility allegedly escalated into a violent attack.
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Nigerian National Arrested in Navi Mumbai with Drugs Worth Rs 3.57 Crore
Police seize a large quantity of suspected narcotics during an operation in Navi Mumbai and launch further investigations into the case.
The Drugs
Navi Mumbai police arrested a Nigerian national, identified as Anyi Ikechukwu Darlington, from his rented apartment in Rohinjan village, Taloja, on Thursday night.
According to police, the Anti-Narcotics Cell carried out the raid after receiving specific information about drug-related activities. During the search, officers recovered 2.497 kg of mephedrone and 566 grams of cocaine, with an estimated market value of Rs 3.57 crore.
Police said the accused had previously been arrested in a separate narcotics case in Mumbai in 2019. He was released on bail in 2025. A case has been registered against him under the Narcotic Drugs and Psychotropic Substances (NDPS) Act at Taloja police station.
Investigators are now trying to trace the source of the seized drugs and determine whether other people were involved in the alleged drug distribution network. The investigation is ongoing.
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NMIMS Navi Mumbai Students Promote Mental Health Awareness Through Street Theatre
Students use interactive games and creative performances to encourage open conversations about mental health and emotional well-being.
The Awareness
Students of NMIMS Navi Mumbai have taken an innovative approach to spreading mental health awareness through street theatre and interactive activities. The initiative aims to help people understand the importance of emotional well-being and encourage them to speak openly about mental health concerns.
The two-day Mental Health Awareness Week featured discussions on women’s physical and mental health, a student-led street play highlighting women’s safety and dignity, and activities designed to help participants understand human behaviour. A panel of experts discussed how social expectations, family environments, reproductive health and childhood experiences can affect women’s emotional well-being. They also stressed the importance of discussing women’s health without stigma or judgement.
Students took part in interactive activities focusing on memory, attention, decision-making and social behaviour. They also prepared posters explaining different psychological disorders to make information about mental health easier to understand. The street play highlighted how social inequalities and expectations can limit women’s freedom and choices. The event concluded with a karaoke session, giving students an opportunity to relax and interact with one another.
The initiative aimed to make conversations about mental health more open, reduce stigma and encourage students to understand the importance of emotional well-being.
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