Few transactions can be exempted from cryptocurrency tax, Bitcoin Falls
The Government of India’s Ministry of Finance is expected to issue a notification regarding the crypto tax in June. Exemptions could include hospitals that use Blockchain technology and reward points on digital bank cards. So far, the government has rejected calls to eliminate the 1% TDS on crypto transactions, according to a report by The Economic Times.
Under the Finance Act of 2022, the Ministry of Finance imposed a 30% tax bracket on crypto transactions, as well as a 1% TDS on transfers of digital assets.
The TDS, limited to Rs 50,000, must be paid regardless of the profits or losses made in crypto transactions, which makes it important to disclose it when filing the annual tax return. Under the new guidelines, cryptocurrency received as a gift will also be taxed like any other asset.
The price of Bitcoin in the cryptocurrency market has fallen 4.57% in the past 24 hours, and it was trading at $30,110.42 as of 5:30 PM IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 46.04%, down 0.19% in the last 24 hours.
Over the past 24 hours, Ethereum (ETH) was trading at $1,834.47, down 5.17%, while Binance Coin (BNB) was down 3.33% over the same period and traded at $304.85. Solana (SOL) was down 8.10% at $40.89, while Cardano (ADA) was down 3.61% at $0.5814.
Dogecoin was trading at $0.08208 on Coinmarketcap.com as of 5:30 PM IST and was down 5.63%. Its rival, Shiba Inu, was down 5.49% and it was trading at $0.00001111. Samoyedcoin was down 1.47% and trading at $0.005638, while Dogelon Mars was down 6.95% and trading at $0.0000004524.
According to Coinmarketcap.com, the global crypto market capitalization was $1.25 trillion, down 4.09% in the last 24 hours, while the total crypto market volume was 96. $72 billion, an increase of 15.63%.
Sweet SOL was the biggest gainer, gaining 2,993.69%. It was trading at $0.00001175 as of 5:30 p.m. IST, according to Coinmarketcap. In contrast, TrusterCoin experienced the maximum loss and fell 98.27%. It was trading at $0.000000009987.