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New Income Tax Form 26QE for Crypto TDS, Report Says More Tax On Cryptos Soon, Crypto Market Falls

The Income Tax Department will issue Form 26QE, a new form for TDS (Tax withholding) on ​​cryptocurrency transactions. The 1% TDS on crypto trading arbitrage came into force on 1 July 2022, and Indian crypto exchanges are busy implementing back-end changes for that purpose. According to the Treasury, Form 26QE serves two purposes: tax deduction statement and receipt.

Meanwhile, according to Bloomberg’s report, the central government may impose additional taxes on cryptocurrency transactions. At the next ministry panel meeting in Chandigarh on June 28, 2022, the government may consider putting crypto transactions under the GST and impose a 28% tax on it.

Cryptocurrency price

The global cryptocurrency market capitalization fell 0.57% to $ 897.85 at 8:50 am. According to Coinmarketcap data, the amount of cryptocurrencies in the world has decreased by 6.25% to $ 66.35 billion.

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

Among other important coins, Cardano (ADA) fell 0.17% to $ 0.4677. Solana (SOL) traded at $ 35.07 with a loss of 0.78%, Polkadot (DOT) traded at $ 7.53 with a 0.72% decrease, Algorand (ALGO) traded at $ 0.3195 with a profit of 0.48% and Binance Coin (BNB). It was up 0.24% to $ 217.73.

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

Memecoin and DeFi prices

Dogecoin (DOGE) fell 1.47% to $ 0.06307. The ratio of volume to market capitalization 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% at $ 0.000005975, and Samoyed Coin (SAMO) rose 0.06% at $ 0.004835.

In the DeFi segment, YFI (yearn.finance) was down 0.82% to $ 5,115.44 and Terra Classic (LUNC) was down 1.79% to $ 0.00005699. Avalanche (AVAX) was up 1.44% to $ 16.69, Uniswap (UNI) was up 10.77% to $ 5.25 and Aave (AAVE) was up 2.39% to $ 65.41.

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