Tax Department Examines 700 High-Value Crypto Transactions; Polygon Faces Network Issue

The Indian Income Tax Department has identified 700 high-value crypto transactions on which tax has not been paid, says a report. Binance suspends deposits and withdrawals on Polygon (Matic) due to a network issue.

Outlook Money Team

Updated on: 16 March 2022 12:34 pm

Cryptocurrency

The Income Tax Department of India is examining high-value crypto transactions of 700 investors and hopes to serve them notices for non-payment of taxes too, according to a report in Economic Times. The income tax officials added that these 700 investors have either not filed their tax return or have not declared their crypto income in their return, hence they have now decided to take action against them. Meanwhile, Binance, the world’s largest crypto exchange by volume, has suspended all deposits and withdrawals on the Polygon (Matic) cryptocurrency due to an unidentified network issue.

The global crypto market cap increased by 3.67 per cent to $1.73 trillion at 8.37 am. The global crypto volume too increased by 10.71 per cent to $82.98 billion, as per Coinmarketcap data.

Cryptocurrency Prices

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Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $40,861.89, higher by 4.74 per cent in the last 24 hours.

“Bitcoin is currently trading above $39,000 and Ether above $2,600. Overall, the upside momentum seems to be limited with eminent resistance visible in the market,” says Gaurav Dahake, CEO and founder, Bitbns.

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was also higher by 4.93 per cent at $2,691.31.

Among other major coins, Cardano (ADA) was up by 3.24 per cent at $0.8217, Algorand (ALGO) by 3.74 per cent at $0.7222, Binance Coin (BNB) by 2.01 per cent at $379.26, Solana (SOL) by 5.26 per cent at $84.51 and Polkadot (DOT) was also trading higher by 4.33 per cent at $18.36.

Today’s top gainer was Covid Cutter (CVC), which was up by 2890.23 per cent at $0.000336. The top loser was Spook Inu (SINU), which was down by 98.17 per cent at $0.0000000002877.

Polygon PoS network is stable, and working fine. All funds are safe. Binance is upgrading its nodes, and currently syncing the block data, hence they have paused the deposit and withdrawal.https://t.co/hnhXp3AWga
— Polygon Developers 💜 (@0xPolygonDevs) March 15, 2022

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 1.45 per cent at $0.1134. Its volume to market cap ratio stands at 0.02818. Rival Shiba Inu (SHIB) also was up by 0.81 per cent at $0.00002207.

Dogelon Mars (ELON) was trading with a gain of 1.78 per cent at $0.0000006971. Floki Inu (FLOKI) was also up by 5.46 per cent at $0.00002763, while Samoyed Coin (SAMO) gained 1.23 per cent at $0.01742.

In the DeFi segment, YFI (yearn.finance) was trading with a gain of 1.47 per cent at $18,774.16. Terra (LUNA) was, however, down by 6.82 per cent at $87.88. Avalanche (AVAX) gained 3.07 per cent to $70.44, Uniswap (UNI) was up 5.47 per cent to trade at $8.88, and Aave (AAVE) climbed 5.42 per cent to $122.54.

Latest Updates

A senior Income Tax Department official said in an interview with the Economic Times, “We have a long list of people who were transacting in crypto assets but were not paying tax. Initially, (we) have shortlisted about 700 transactions, where tax liability is very high.”

Meanwhile, Polygon developers have assured investors and users of its blockchain and cryptocurrency that the blockchain is stable and all funds are safe. “Polygon PoS network is stable, and working fine. All funds are safe. Binance is upgrading its nodes, and currently syncing the block data, hence they have paused the deposit and withdrawal,” tweeted Polygon.