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

By June 23, 2022DeFi
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New Income Tax Form 26QE for Crypto TDS, Report Says More Tax On Cryptos Soon, Crypto Market Falls
New Income Tax Form 26QE for Crypto TDS, Report Says More Tax On Cryptos Soon, Crypto Market Falls Photo by Quantitatives on Unsplash

The income tax department will issue a new form, Form 26QE, for TDS (tax deducted at source) on cryptocurrency transactions. The 1 per cent TDS on crypto transactions ruling comes into effect from July 1, 2022 and Indian crypto exchanges are busy implementing the backend changes for it. Form 26QE will serve the dual purpose of tax deducted statement and receipt, clarified the Finance Ministry.

Meanwhile, a Bloomberg report said that the central government may impose an additional tax on cryptocurrency transactions. In an upcoming ministry panel meeting on June 28, 2022 in Chandigarh, the government may consider bringing crypto transactions under GST and impose a 28 per cent tax on it.

CBDT issues Circular No. 13/2022 dt 22.06.22 containing guidelines to remove difficulties wrt Section 194S, which comes into effect from 01.07.22. Section 194S mandates tax deduction @ 1% on transfer of Virtual Digital Asset by payer.
It is available on:https://t.co/NMNcgKzkOU

— Income Tax India (@IncomeTaxIndia) June 22, 2022

Cryptocurrency Prices

The global crypto market capitalisation went down by 0.57 per cent to $897.85 as of 8.50 am. The global crypto volume was down by 6.25 per cent to $66.35 billion, as per Coinmarketcap data.

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

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

Today’s top gainer was Squid Game 2.0 (SQUID), which was up by 1028.5 per cent at $0.00001171. The top loser was Chicken (KFC), which was down by 100 per cent at $0.0001902.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 1.47 per cent at $0.06307. Its volume to market cap ratio stands at 0.07074. Rival Shiba Inu (SHIB) was up by 1.65 per cent at $0.000009939.

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

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

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