Scan to download
BTC $66,040.99 -1.15%
ETH $1,802.16 -1.50%
BNB $608.91 -2.50%
XRP $1.23 -4.11%
SOL $74.04 -1.60%
TRX $0.3178 -0.52%
DOGE $0.0876 -2.15%
ADA $0.1758 -6.17%
BCH $218.78 -2.91%
LINK $8.30 -2.06%
HYPE $74.66 +9.76%
AAVE $75.92 +0.34%
SUI $0.7945 -2.32%
XLM $0.2195 -3.44%
ZEC $507.78 -3.40%
BTC $66,040.99 -1.15%
ETH $1,802.16 -1.50%
BNB $608.91 -2.50%
XRP $1.23 -4.11%
SOL $74.04 -1.60%
TRX $0.3178 -0.52%
DOGE $0.0876 -2.15%
ADA $0.1758 -6.17%
BCH $218.78 -2.91%
LINK $8.30 -2.06%
HYPE $74.66 +9.76%
AAVE $75.92 +0.34%
SUI $0.7945 -2.32%
XLM $0.2195 -3.44%
ZEC $507.78 -3.40%

gt

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.

BIT adds Clear Street as a clearing partner, strengthening the infrastructure layout for U.S. stocks

As the scale of the U.S. stock business continues to grow, BIT (formerly Matrixport) has added U.S. institutional-level clearing service provider Clear Street as a partner, marking a higher standard of development in BIT's underlying infrastructure construction for U.S. stocks.BIT's U.S. stock business adopts an Omnibus IB structure, with all orders cleared and custodied by licensed clearing institutions based in the U.S. Currently, BIT has established partnerships with three licensed U.S. institutions: Clear Street, RQD Clearing, and Atomic Vaults Securities (AVS).Among them, Clear Street, supported by approximately $1 billion in financing and a strong capital base, processes about 550 million shares and approximately $28.4 billion in nominal trading volume daily, demonstrating the capability to serve large institutional clients with clearing and execution services. For users, this means that there is stronger institutional-level infrastructure support behind the transactions, resulting in a more stable system that is less prone to interruptions or delays during extreme market conditions, while also helping to provide more ample liquidity support and asset security guarantees.Compared to the industry’s common practice of using a single clearing partner, a multi-institutional parallel clearing structure can effectively disperse operational risks on the platform, enhancing the stability and continuity of transactions.BIT stated that in selecting clearing partners, the platform will continue to assess core indicators such as asset scale, net capital levels, and risk control capabilities to match the asset allocation needs of global users.
app_icon
ChainCatcher Building the Web3 world with innovations.