Shiba Inu (SHIB) price is rangebound in a tight accumulation zone after breaking out of a downtrend. With a massive spike in exchange outflow, the chances of an explosive SHIB rally are not unlikely. Here are some key levels to watch where investors can accumulate this dog-based meme coin.. SHIB Outflow Suggests Accumulation Data from CryptoQuant suggests total SHIB transactions also increased from 6,200 to 7,510. Yet despite the surge in activity, the token’s price remained unmoved. Shiba Inu total transaction count 1 – week chart Historically, a divergence like this with a spike in transaction count and flat price action points to one of two scenarios – accumulation or distribution. An accompanying chart of SHIB’s exchange netflow underscores a bullish case (accumulation). Shiba Inu posted a negative exchange netflow of 111.8 billion tokens on May 20, suggesting a large-scale transfer of the asset from exchanges into self-custody or cold… Read More at Coingape.com
The Income Tax Department of India has launched a major crackdown on individuals who failed to report their cryptocurrency income. Thousands have received notices, and this time, the department is armed with actual data and transaction records through its NUDGE framework (Non-Intrusive Usage of Data to Guide and Enable).
If you’ve traded, held, mined, or received crypto in any form, here’s how to stay compliant and avoid penalties.
Why Are Crypto Users Receiving Tax Notices?
In the past, the tax department sent bulk emails urging people to update their income tax returns (ITR). Now, thanks to advanced data analytics and blockchain tracing, the government is targeting those who have not reported crypto income, despite TDS being deducted under Section 194S of the Income Tax Act.
According to Ravi Sawana, Partner at Lakshmikumaran & Sridharan:
“Transactions in cryptocurrencies on which TDS has been deducted under Section 194S have not been declared in the ITR for FY 2023-24. Hence, taxpayers are being asked to update their filings.”
Search and Seizures Conducted for Crypto Tax Evasion
Some individuals have already experienced search and seizure operations. In several cases, hardware wallets were confiscated.
Priyanka Jain, Partner at Vsih & Associates, explained:
The department invoked Section 131 of the Income Tax Act to search premises.
Officials requested full disclosure of wallet holdings, mining data, foreign trading, and all transactions.
Despite cooperation, a follow-up notice was issued due to the department’s suspicion of underreporting.
How to Report Cryptocurrency Income in Your ITR: Step-by-Step Guide
If you’re a crypto investor, trader, or miner in India, here’s exactly how to report your crypto earnings in your Income Tax Return (ITR) and stay compliant with the law:
Choose the Correct ITR Form
Select the ITR form based on how you earn from crypto:
ITR-2: Use this if your crypto income is from long-term or short-term capital gains (e.g., investment purposes).
ITR-3: Use this if you’re actively trading crypto or earning from it as a business activity.
Using the wrong form can lead to rejection or scrutiny from the tax department.
Declare All Crypto Income Sources
You must disclose all income earned through crypto, including:
1. Buying and selling of cryptocurrencies
2. Mining rewards (treated as income from other sources or business income)
3. Airdrops and staking rewards
4. Crypto received or used as payment
5. Profits from holding or long-term investment gains
Even small or irregular income must be reported to avoid penalties.
Apply the Right Tax Rate
All crypto income in India is taxed at a flat 30% rate under Section 115BBH, regardless of your income bracket. Additionally:
1. No deductions (except cost of acquisition) are allowed.
2. A surcharge and 4% health and education cess will also apply
Verify TDS Deductions in Form 26AS
Crypto exchanges are required to deduct 1% TDS (Tax Deducted at Source) on every transaction under Section 194S. You should:
1. Download your Form 26AS from the income tax portal.
2. Cross-check all TDS entries related to your crypto trades.
3. Ensure all deductions are credited to your PAN account.
Keep All Transaction Records
Maintain detailed and organized records of your crypto activity, including:
1. Wallet addresses
2. Screenshots of transactions
3. Exchange trading history
4. Foreign exchange logs
5. Details of P2P or OTC transactions
This will help in case of audits or further inquiries by the Income Tax Department.
File Before the Deadline
Submit your ITR before the due date (usually July 31st for individuals). Filing late can attract penalties and interest, even if the tax is already paid.
Final Checklist: How to Avoid Crypto Tax Trouble in India
Step
Action
1
Use the correct ITR form (ITR-2 or ITR-3)
2
Declare all crypto income and activity
3
Apply 30% tax under Section 115BBH
4
Verify TDS in Form 26AS
5
Maintain complete transaction records
6
File the return before the due date
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The post Income Tax Department Takes Strict Action Against Undisclosed Crypto Income appeared first on Coinpedia Fintech News
The Income Tax Department of India has launched a major crackdown on individuals who failed to report their cryptocurrency income. Thousands have received notices, and this time, the department is armed with actual data and transaction records through its NUDGE framework (Non-Intrusive Usage of Data to Guide and Enable). If you’ve traded, held, mined, or …
FARTCOIN has experienced ongoing volatility, with significant price fluctuations over the last few weeks. Despite sudden drops, the meme coin has shown signs of recovery.
To continue this upward momentum, FARTCOIN must break through key resistance levels, and current market conditions suggest it could achieve this soon.
Fartcoin Has The Strength To Rise
The Relative Strength Index (RSI) has recently moved above the neutral line, marking the first time in two weeks that the RSI is in the bullish zone. This shift is a positive sign for FARTCOIN, as it indicates that bullish momentum is starting to build.
A strong RSI is crucial for the altcoin’s recovery, signaling renewed buying interest in the market.
As the RSI remains in the bullish zone, it suggests that the potential for a breakout is increasing. This could lead to further price growth for FARTCOIN, especially if investors continue to support the meme coin.
The Squeeze Momentum Indicator is also showing signs of bullish potential for FARTCOIN. Currently, the indicator is noting a squeeze, which typically signals a period of consolidation before a potential breakout.
The histogram reveals that bearish momentum is waning, which suggests the altcoin could experience a shift toward upward movement.
The last time the Squeeze Momentum Indicator showed a similar pattern, FARTCOIN surged, indicating that the squeeze may be a precursor to more gains. If the squeeze is released, the meme coin could see a significant rise, potentially pushing the price higher.
FARTCOIN has risen by 11% over the last 24 hours, currently trading at $1.12, and is approaching the key resistance level at $1.20.
If the meme coin manages to break through this resistance, it could signal a continuation of the recent upward movement. A breach of $1.20 would open the door for further gains.
Securing $1.20 as support would be a critical next step for FARTCOIN. If it can maintain this level, the meme coin could rise to $1.42, recovering losses from June. This upward momentum would indicate a strong recovery and could lead to more sustained price growth if the trend continues.
However, if selling pressure builds in the coming days, FARTCOIN could fall below the $1.02 support level. A drop below $1.00 would be concerning and could result in further losses, potentially pushing the price down to $0.91.
Such a decline would invalidate the bullish thesis and signal a shift in market sentiment.
Binance U.S has officially integrated the Base network, allowing users to deposit and withdraw Ethereum (ETH) and USDC directly through this rising Ethereum Layer 2 solution. This move is expected to enhance the user experience by offering faster and cheaper transactions, with support for more assets coming soon.
Transfer $ETH & $USDC via Base, with support for more assets to come! @Base is an Ethereum layer 2 that aims to bring the next billion users onchain by providing fast and low-cost transactions.
Base, launched in 2023, is designed to make crypto more usable for everyday people. Unlike many other networks, it doesn’t have its own token. Instead, it uses ETH for gas fees, making the experience simpler for both developers and users.
Built on the Ethereum mainnet, Base has quickly become a top player among Layer 2 solutions. It’s known for its low fees, high speed, and developer-friendly environment. The latest support from Binance U.S could help accelerate its adoption even further.
Base Network’s Rapid Growth
Despite overall market uncertainty, Base has been growing fast. According to IntoTheBlock data, Base’s share of active addresses among major Layer 2s has jumped from 63% in January to 82% today. It now handles over 1 million daily active addresses and more than 4 million daily transactions.
Base’s Total Value Locked (TVL) has also reached $6.3 billion, showing strong user confidence and growing on-chain activity. These numbers highlight that the network is gaining serious traction.
Community Sees Institutional Signal
The news of Binance U.S supporting Base has sparked positive reactions from the crypto community. Influencers like Velvet Unicorn called it a clear sign of growing institutional interest in Layer 2 networks. He noted that ETH and USDC support is just the start, and the real opportunity lies in the ecosystem that’s being built around Base.
As more DeFi projects launch and cross-chain bridges expand, Base could become a key player in the blockchain space. With Binance U.S now backing it, the network has gained an important boost in credibility and exposure.
FAQ
What is Base?
Base is a scaling solution that runs on top of the Ethereum blockchain. It’s designed to handle more transactions at lower costs while still benefiting from Ethereum’s strong security.
How does this integration benefit regular Binance U.S users?
It allows users to send and receive ETH and USDC faster and at lower fees using the Base network.
Can I transfer any crypto asset via Base, or is it limited to ETH and USDC for now?
Currently, only ETH and USDC are supported via Base, but more assets may be added soon.
Why is Binance U.S adding support for Base now—what’s the significance of this timing?
Base has seen rapid user growth and on-chain activity, making now the right time to support it.
Is this move limited to Binance U.S, or will global Binance also support Base soon?
At the moment, this update applies only to Binance U.S; there’s no word yet on global support.
The post Binance U.S Adds Base Network Support – ETH and USDC Transfers Now Live appeared first on Coinpedia Fintech News
Binance U.S has officially integrated the Base network, allowing users to deposit and withdraw Ethereum (ETH) and USDC directly through this rising Ethereum Layer 2 solution. This move is expected to enhance the user experience by offering faster and cheaper transactions, with support for more assets coming soon. BREAKING: https://t.co/AZwoBOgsqS now supports Base 💛🔵Transfer $ETH …
(@BinanceUS)