Few Transactions May Be Exempt From Cryptocurrency Tax, Bitcoin Falls

Bitcoin fell by 4.57 per cent while Ethereum was down by 5.17 per cent

Updated on: 2 June 2022 6:50 pm

The Ministry of Finance, Government of India, is expected to issue a notification about 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 per cent TDS on crypto transactions, according to a report in The Economic Times.

Under the Finance Act, 2022, the Ministry of Finance had imposed a 30 per cent tax bracket on crypto transactions, as well as a 1 per cent TDS on transfers of digital assets.

The TDS, limited to Rs 50,000, has to be paid irrespective of profits or losses earned during crypto transactions, making it significant to be disclosed during filing of the annual income tax return. As per the new guidelines, cryptocurrency received as gifts will also be taxed just like any other asset.

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Crypto Prices

The price of Bitcoin in the cryptocurrency market fell by 4.57 per cent in the last 24 hours, and it was trading at $30,110.42 at 5:30 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 46.04 per cent, down by 0.19 per cent in the last 24 hours.

In the last 24 hours, Ethereum (ETH) was trading at $1,834.47, down by 5.17 per cent, while Binance Coin (BNB) decreased by 3.33 per cent during the same time period, and was trading at $304.85. Solana (SOL) was down by 8.10 per cent to $40.89, while Cardano (ADA) was down by 3.61 per cent to $0.5814.

Meme Coins

Dogecoin was trading at $0.08208 on Coinmarketcap.com at 5:30 p.m. IST and was down by 5.63 per cent. Its rival, Shiba Inu, was down by 5.49 per cent, and it was trading at $0.00001111. Samoyedcoin was down by 1.47 per cent, and it was trading at $0.005638, while Dogelon Mars was down by 6.95 per cent, and it was trading at $0.0000004524.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $1.25 trillion, a decrease of 4.09 per cent in the last 24 hours, while the total crypto market volume was $96.72 billion, an increase of 15.63 per cent.

Sweet SOL was the biggest gainer, gaining 2,993.69 per cent. It was trading at $0.00001175 at 5:30 pm IST, according to Coinmarketcap. In contrast, TrusterCoin witnessed the maximum loss and fell by 98.27 per cent. It was trading at $0.000000009987.