New Income Tax Form 26QE for Crypto TDS, Report Shows More Crypto Taxes Soon, Crypto Market Falls

The Income Tax Department will issue a new form, Form 26QE, for TDS (withholding tax) on cryptocurrency transactions. The 1% TDS ruling on crypto transactions comes into effect on July 1, 2022, and Indian crypto exchanges are busy implementing the changes to the backend. Form 26QE will serve the dual purpose of reporting tax deduction and receipt, the finance ministry said.

Meanwhile, a Bloomberg report said the central government may impose an additional tax on cryptocurrency transactions. At an upcoming Ministerial Group meeting on June 28, 2022 in Chandigarh, the government may consider subjecting crypto transactions to GST and imposing a 28% tax on them.

Cryptocurrency prices

The global crypto market capitalization fell 0.57% to $897.85 as of 8:50 a.m. Global crypto volume fell 6.25% to $66.35 billion, according to data. data from Coinmarketcap.

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $20,311.35, down 0.96% in the past 24 hours. Ethereum (ETH) fell 2.26% to $1,079.84.

Among other major coins, Cardano (ADA) was down 0.17% at $0.4677; Solana (SOL) was trading with a loss of 0.78% at $35.07, Polkadot (DOT) was down 0.72% at $7.53, Algorand (ALGO) was trading with a gain of 0.48% to $0.3195 and Binance Coin (BNB) rose 0.24% to $217.73.

Today’s top gainer was Squid Game 2.0 (SQUID), which rose 1028.5% to $0.00001171. The big loser was Chicken (KFC), which lost 100% to $0.0001902.

Meme Coin and DeFi prices

Dogecoin (DOGE) fell 1.47% to $0.06307. Its volume to market capitalization ratio is 0.07074. Rival Shiba Inu (SHIB) rose 1.65% to $0.000009939.

Dogelon Mars (ELON) lost 0.71% to trade at $0.0000002584, Floki Inu (FLOKI) lost 3.61% to $0.000005975 and Samoyed Coin (SAMO) gained 0.06% to $0.004835.

In the DeFi segment, YFI (yearn.finance) was down 0.82% at $5,115.44, and Terra Classic (LUC) was trading with a loss of 1.79% at $0.00005699. Avalanche (AVAX) rose 1.44% to $16.69, Uniswap (UNI) traded with a 10.77% gain to $5.25 and Aave (AAVE) rose 2.39% to $65.41.



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