🔥 NEW: Ethereum’s new Mekong Testnet launches, allowing wal | Laraxen on Binance Square

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🔥 NEW: Ethereum’s new Mekong Testnet launches, allowing wallet devs and stakers to test Pectra upgrade EIPs ahead of mainnet release.

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2024 US elections: Trump elected US president for a second time Donald Trump has won the 2024 United States Presidential Election and is set to begin his term in January 2025. Donald Trump has won the United States presidential election held on Nov. 5. Catch up quick: Kamala Harris has conceded victory to Donald Trump, who is on track to win 312 electoral college votes, well clearing the 270 needed to win the presidency, as the Associated Press shows he’s ahead in Nevada and Arizona — the last two states left to be called. Trump will return to the White House in January 2025 alongside a Republican majority Senate. Bitcoin surged to a peak of $76,500 the day after the election on Nov. 6 as traders rode a wave of wider market optimism on Trump’s win. Republicans are leading on seats in the House, narrowing the Democrats’ path to a majority — but it’s still too early to know who will win with 39 seats left to call.

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SEC’s Mark Uyeda has strong chance of becoming next chair — Lawyer The SEC’s “Crypto Mom” Hester Peirce is unlikely to replace Gary Gensler as the new chair, crypto lawyer Jake Chervinsky said. As Donald Trump prepares to take office as president of the United States in January 2025, the cryptocurrency community is speculating on the most likely candidates to lead the US Securities and Exchange Commission. Mark Uyeda, an SEC commissioner, is seen as a strong candidate for the role, according to crypto attorney Jake Chervinsky in an X post on Nov. 6. Commissioner Uyeda is known for criticizing the crypto regulatory approach by current SEC Chair Gary Gensler, having in October called his policies a “disaster for the whole industry.”

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Is crypto taxed in India? A regulatory overview Since 2022, India has seen evolving regulations as it navigates the global digital finance landscape. Initially, the Indian government approached crypto with caution. Over the years, as crypto trading grew more popular, regulatory frameworks began taking shape to protect investors and establish a more straightforward tax environment. In 2022’s financial budget, the Indian government included a bill introducing crypto taxation. Section 115BBH of the 2022 Budget levied a 30% tax on the profits of trading cryptocurrencies or other virtual digital assets (VDAs) from April 1, 2022. This created a buzz on X, with a meme fest breaking out and many questioning whether crypto was now legal in India since it was taxable. India’s Finance Minister Nirmala Sitaraman clarified and was quoted at a high-level panel discussion organized by the International Monetary Fund: “We haven’t said that this is currency. We haven’t said that this has intrinsic value, but certain operations are taxable for the sovereign, and that is why we have taxed”. She added, “We did announce that the income generated out of the transactions of these crypto assets will be taxed at 30 percent, and over and above that, there is a 1 percent tax deduction at source, which is also imposed on every transaction. So, through that, we will be able to know who’s buying and who’s selling it.”

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Crypto tax in India: Everything you need to know Key takeaways Cryptocurrency transactions in India are subject to a 30% flat tax on any profits, plus a 4% cess. A 1% tax deducted at source (TDS) applies to transactions exceeding a certain threshold. Crypto losses cannot be offset against other income or carried forward to future years. Detailed reporting of all crypto transactions is required on the Indian Income Tax e-filing portal. India’s approach to cryptocurrency taxation has evolved significantly, creating a framework that outlines what you owe — and it’s not as straightforward as you might have hoped. Given India’s specific cryptocurrency tax regulations, it’s crucial to understand the implications, whether you’re trading, holding or earning income from cryptocurrencies. Here’s a comprehensive guide covering key aspects like crypto tax rates in India, compliance and filing requirements to keep you on the right side of the law.

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🇮🇳 INSIGHT: Crypto Taxes in India In India, cryptocurrency profits face a 30% tax, plus a 4% cess, an added levy for specific government initiatives. 🧵

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