As blockchain technology continues to revolutionize everything from finance to healthcare, a new book is helping readers navigate this rapidly shifting landscape. Cryptocurrency in a Nutshell Vol. 2 is the follow-up to an Amazon Best seller book “Cryptocurrency in a Nutshell” that breaks down the complex world of digital currencies and decentralized systems in a way that’s both approachable and deeply informative.
This book offers a comprehensive exploration of blockchain technology, covering its foundational concepts, technical structures, and broad applications across various sectors. It begins by explaining core ideas such as private nodes, transaction types, and token classifications, then moves into more complex topics like DAOs, smart contracts, and DeFi. The book also examines blockchain’s impact on industries like gaming, asset management, and tax reporting, while addressing economic models, NFTs, and events like Bitcoin halving. Later chapters tackle controversies such as Terra UST’s collapse, Tether concerns, and exchange volatility, while also exploring trends like CBDCs and crypto adoption in developing regions. Concluding with blockchain’s potential for social change and sustainability, the book serves as a valuable guide to both the current landscape and future of the technology.
India’s evolving cryptocurrency tax laws, introduced in 2022, have created confusion among investors due to unclear guidelines, especially regarding virtual digital assets (VDAs). Section 194S imposes a 1% TDS on crypto transfers exceeding certain thresholds, but practical challenges arise in transactions via wallets or offshore exchanges due to the difficulty in obtaining seller PAN details. Section 115BBH taxes crypto income at 30% without allowing for deductions or loss offsets, unlike equity traders who can offset losses. Further ambiguity exists around the classification of crypto as business income and the application of presumptive taxation, especially for freelancers accepting crypto payments.
CryptoTax International is a pioneering accounting firm in India, specializing in cryptocurrency taxation since 2017. With a team of experienced professionals, it provides expert guidance on crypto-related taxation, helping individuals and businesses navigate the complexities of India’s tax laws and regulations. As one of the first firms to focus exclusively on crypto taxes, Cryptotax International has developed a deep understanding of the ever-evolving crypto landscape. As the founder and CEO of CryptoTax International, Abhinav Soomaney leads the company with headquarters in India and presence in California, U.S., and Dubai, U.A.E. He has spoken at global summits like the G20 and Asia Token Summit, discussing the growth and scalability of cryptocurrencies and blockchain technology. Mr. Soomaney was recognized as a winner at the 30 Under 30 awards ceremony by Business World in 2023 and authored a book on cryptocurrencies that became an Amazon bestseller in 2022.
