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BTC $64,300.27 -0.88%
ETH $1,744.83 -1.23%
BNB $591.05 -1.77%
XRP $1.18 -1.56%
SOL $71.87 -0.67%
TRX $0.3212 +0.72%
DOGE $0.0850 -1.12%
ADA $0.1666 -1.23%
BCH $209.82 -1.68%
LINK $8.02 -1.80%
HYPE $72.36 -0.25%
AAVE $74.34 -1.61%
SUI $0.7516 -4.85%
XLM $0.2389 +9.45%
ZEC $470.17 -6.92%

emi

India's cryptocurrency tax review exposes approximately $930 million in undeclared income, with a comprehensive strengthening of itemized reporting and cross-platform verification for the 2026 tax season

As India's tax enforcement intensifies, cryptocurrency investors face stricter reporting and compliance requirements in the 2026 tax season, with incorrect declarations potentially triggering fines and audits. Reports indicate that under current rules, cryptocurrency gains are still subject to a 30% uniform capital gains tax, and a 1% Tax Deducted at Source (TDS) is levied on transactions exceeding a certain amount, while losses cannot be offset across assets. The new Income Tax Act (2025) came into effect on April 1, 2026, but the core tax framework remains largely unchanged.In terms of reporting, investors must fill out a dedicated Schedule VDA section in the ITR-2 or ITR-3 forms and are required to record each transaction individually, including all operations such as trading, exchanging, transferring, and clearing, rather than just summarizing gains. The report emphasizes that regulatory focus has clearly escalated. The Indian tax authorities will directly obtain user-level transaction data through trading platforms, custodians, and wallet service providers, and will automatically cross-check this with reported information; discrepancies will trigger system flags and audits.Data shows that the Indian tax authorities have issued over 44,000 notices and discovered approximately 88.8 billion rupees (about 930 million USD) in unreported virtual asset income. Meanwhile, the tax department is enhancing its tracking capabilities by combining on-chain analysis tools with international data-sharing mechanisms. Additionally, starting in 2027, India will align with the OECD cryptocurrency reporting framework to achieve automatic exchange of cross-border transaction data, and overseas exchange holdings will gradually come under regulatory scrutiny.Analysis points out that common errors include misuse of reporting forms, omission of airdrop and staking income, and failure to correctly match 1% TDS records, among others. The report emphasizes that cryptocurrency tax compliance is shifting from "post-reporting" to "real-time traceability," and investors need to strengthen year-round record management.

Gate predicts the launch of a World Cup section in the market, with the event calendar and reminder features opening simultaneously

Gate's prediction market officially launches a World Cup section, integrating three core areas: match schedules, points, and event predictions, further enhancing the user experience in participating in top sporting events. After upgrading the Gate App to version 8.22 or above, users can enter the section page through the prediction market entrance, allowing them to view group match information, real-time points rankings of each team, and promotion scenarios all in one place, and quickly participate in related prediction market events.This section helps users easily switch to the corresponding prediction event page while keeping an eye on the match progress through structured information aggregation. The event calendar feature is also launched, displaying the daily match schedule in a timeline format, supporting quick browsing of key events and improving information retrieval efficiency. In the future, a one-click subscription feature for all events will be launched to further optimize the event tracking experience. As the first CEX platform to integrate with Polymarket, Gate maintains a leading position in the Polymarket partnership channels, achieving the highest daily trading volume during the NBA Finals on June 6, ranking first among Polymarket partnership channels. Gate will continuously improve its sports prediction market product matrix, promoting the deep integration of sports event scenarios and prediction markets through thematic aggregation and multiple functional upgrades, expanding more interactive digital participation methods.
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