You can earn SAUCE bonuses by inviting friends to join the Sauces app using your unique referral code. For each friend who signs up with your code, you earn 2,000 SAUCE tokens. Additionally, if your referrals actively participate in ...Read more
Understanding how cryptocurrency gains value involves factors like supply and demand, market capitalizations, and social influence, not just intrinsic worth. Find out how these elements drive up crypto prices and how they impact long-term trends. Cryptocurrency gains value primarily through a mix ofRead more
Understanding how cryptocurrency gains value involves factors like supply and demand, market capitalizations, and social influence, not just intrinsic worth. Find out how these elements drive up crypto prices and how they impact long-term trends.
Cryptocurrency gains value primarily through a mix of market dynamics and public belief. Thereβs no intrinsic value in a coin itself, but its worth is set by what others are willing to pay for it, driven by factors like supply and demand. When demand rises, often spurred by marketing or social trends, the price increases. Key drivers include the coinβs utility, market cap, node count, production costs, and the broader marketβs interest. Social media, media hype, and adoption also play significant roles. In essence, cryptocurrency values are shaped by speculation, trust, and investor sentiment, which can cause wild fluctuations based on trends or perceived future value.
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Yes, cryptocurrency gains are taxable in India. Under the Income Tax Act, cryptocurrencies are classified as Virtual Digital Assets (VDAs), and profits from trading, selling, or spending these assets are taxed at a flat rate of 30%. Additionally, a 1% Tax Deducted at Source (TDS) applies to transactRead more
Yes, cryptocurrency gains are taxable in India. Under the Income Tax Act, cryptocurrencies are classified as Virtual Digital Assets (VDAs), and profits from trading, selling, or spending these assets are taxed at a flat rate of 30%. Additionally, a 1% Tax Deducted at Source (TDS) applies to transactions exceeding specific thresholdsββΉ50,000 for most taxpayers and βΉ10,000 for specified individuals.
Other forms of crypto income, like staking rewards, airdrops, or mining, are also taxable, typically at your applicable income tax slab rate. Reporting such income is mandatory under the newly introduced Schedule VDA in Income Tax Returns. Losses from crypto transactions cannot be offset against gains or other income, and only the cost of acquisition is deductible.
It’s important to stay updated with tax regulations and consult a tax professional to ensure compliance.
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