New Income Tax Form 26QE for Crypto TDS, Report Says More Tax On Cryptos Soon, Crypto Market Falls
Form 26QE will be issued by the income tax department to crypto customers and it will serve both as a statement and receipt for TDS deducted. Bitcoin, Ethereum trade lower as crypto market falls.
he 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.