Latest news with #CoinSwitch
India Today
6 days ago
- Business
- India Today
Think you're exempt from filing ITR? Your lifestyle may say otherwise
Many taxpayers believe that if their annual income falls below the basic exemption threshold, they are off the hook when it comes to filing their Income Tax Return (ITR). But as Ashish Singhal, co-founder of CoinSwitch and Lemonn, highlighted in a LinkedIn post that tax compliance is not just about how much you earn, it's also about how you spend.'You thought Income Tax Return was about income? That's cute,' Singhal said. Drawing attention to a lesser-known aspect of India's income tax rules, he explained that even those reporting zero taxable income on paper may still be required to file an ITR based on their lifestyle and financial activities. advertisementThe thresholds are surprisingly easy to cross, indicated Singhal. A foreign vacation that costs more than Rs 2 lakh, an electricity bill exceeding Rs 1 lakh in a year, or large deposits in a bank account, even without formal income, can all trigger the need to file a return. The logic, Singhal pointed out, is simple: if you're spending like someone with taxable income, the tax department wants a closer look. His post also serves as a timely reminder as the ITR deadline for FY25 (AY 2025-26) approaches. The deadline for filing ITR was recently extended to September also warned that many people inadvertently meet one or more of these criteria without realising it, especially professionals and freelancers who may not fit into traditional salaried brackets. 'So check your slips,' he wrote, 'and don't let lifestyle trip up your compliance.'Trending Reel
India Today
10-06-2025
- Business
- India Today
Planning to pay 0 tax by setting up in Dubai? Coinswitch co-founder calls it a trap
Thinking of starting a company in Dubai to avoid paying income tax in India? That plan might not be as clever as it sounds. In fact, it could land you in Singhal, co-founder of CoinSwitch, has sounded a clear warning to Indian entrepreneurs who may be considering setting up companies in Dubai to take advantage of its tax-free status. He said that while Dubai does not tax personal income and even gives out residency certificates, it doesn't mean Indian residents can use this as a shortcut to dodge taxes back wrote on LinkedIn, "Pay 0 tax by setting up in Dubai? Yup, that's not going to work if you live in India. Here's the truth no one says out loud. Yes, UAE doesn't tax income (personal income). Yes, you can get a residency certificate. Yes, it looks clean on paper." "But if you're sitting in India, sending proposals from India, delivering work from India, closing deals from India, then it doesn't matter what your invoice header says. Your Dubai company might as well be an Indian one — because the tax department already sees it that way. This isn't a loophole. It's a trap," he added. advertisement Singhal explained that setting up a firm in Dubai comes with tempting benefits. No income tax, easy paperwork, and a clean company structure on paper. But here's the catch: if you live and work from India, that Dubai setup could still be treated as an Indian business by the tax pointed out that if you are sending emails, delivering services, or closing deals from India, even though your invoice has a Dubai address, it won't fool the tax department. Over time, the Indian government has tightened its grip on such arrangements. "And it's already patched from three different directions — legal, operational, and data-sharing," he further added that if you have foreign business holdings, you're required to declare them when you file your income tax legal requirements mandate the disclosure of foreign assets, and under international agreements, the UAE shares financial data with India. This level of transparency significantly reduces the opportunity for tax insights come at a time when compliance frameworks are expanding, and global data sharing is intensifying. He highlights that the chance to exploit such loopholes is shrinking fast, a sentiment reinforced by the emerging norms of message from Singhal is unequivocal; while setting up operations offshore might seem enticing, the reality is fraught with legal implications. So, if you're planning to use a Dubai company as a tax shield while living in India, it's time to rethink. The taxman already knows the game—and this time, the rules are not in your Watch
Mint
10-06-2025
- Business
- Mint
Crypto news update, June 10: Bitcoin brushes $110k catching traders off-guard before moving to $1,09,449
Bitcoin price today, June 10: The world's largest cryptocurrency, Bitcoin, briefly rose 1.38 per cent to $110,277.93 on June 10, while Ether jumped 4.8 per cent to $2,713.39, before slipping sightly on profit-booking. CoinSwitch Markets Desk noted that the hike caught traders off guard. 'Over $110 million in short positions were liquidated within an hour, with a total of $330 million in shorts wiped out over the course of the day,' they noted. Overall, the crypto market capitalisation on June 10 is at $3.41 trillion, with trade volume over the past 24 hours being $134.11 billion, according to data on CoinMarketCap. Further, in terms of dominance, Bitcoin gained 1.41 per cent to comprise 63.6 per cent of the market share on June 10; while Ethereum rose 0.43 per cent to 9.5 per cent dominance; and other tokens fell 1.84 per cent to comprise the remaining 26.9 per cent of the crypto market, data showed. Early at 5 am on June 10, Bitcoin briefly touched 1,10,000 levels, before moving to $109,449.70 at time of writing, as per CoinMarketCap. It was up 3.74 per cent from the previous day, with market cap at $2.17 trillion (also up 3.79 per cent), and tarde volume of $58.15 billion (up 50.45 per cent). According to Piyush Walke, Derivatives Research Analyst at Delta Exchange, Bitcoin 'is trading above its anchored VWAPs, reinforcing the prevailing positive market sentiment'. Further, at time of writing, Ethereum was up 7.40 per cent over the past 24 hours, to $2,677.74, with market cap of $323.26 billion (up 7.41 per cent), and volume of $26.92 billion (up 98.57 per cent). In other big names, USD linked Tether was at $1, with market cap of $155.22 billion (up 0.25 per cent), and volume of $87.48 billion (up 53.04 per cent); while the Solana token was at $158.54, with market cap of $83.22 billion (up 5.16 per cent) and volume of $3.9 billion (up 73.83 per cent). Walke noted that Bitcoin recently formed an inverted Head and Shoulders pattern on the hourly timeframe, which is 'a bullish technical setup'. 'Based on the pattern's projection, Bitcoin could target levels around $111,000. On the institutional side, Bitcoin spot ETFs recorded net inflows of $386.2 million, while Ethereum ETFs attracted $53 million, indicating growing investor interest in both assets,' he added. CoinSwitch's opinion was that a decisive break above $110k or below $100k will be needed to sustain momentum. And CoinDCX research team noted that 'investor's sentiments are slowly turning into 'greed' after a brief consolidation'. Edul Patel, Co-founder and CEO of Mudrex noted, 'the crypto market saw a strong rally, amid easing geopolitical tensions. The US and China resuming trade negotiations led to a positive investor sentiment, with the rally extending to Ethereum, Solana, and other altcoins.' 'Meanwhile, about $38 million in short positions were liquidated, reducing downside pressure. If the momentum sustains, Bitcoin could attempt a new all-time high soon, with support standing at $105,600,' he added. Key Takeaways Bitcoin's recent rally indicates a shift in investor sentiment towards optimism. Technical patterns suggest potential price targets and market trends. Short position liquidations highlight the volatile nature of cryptocurrency trading.
Fashion Value Chain
05-06-2025
- Business
- Fashion Value Chain
CoinSwitch Sets New Standard in Derivatives Trading with Crypto Options Launching at Lowest Fees
CoinSwitch, India's largest crypto trading platform with over 2 crore users, announces the launch of Crypto Options for its users. Designed to meet the needs of a new generation of traders, this new offering brings together industry-low fees, real-time settlement, and 24×7 trading access in all market conditions, delivering a powerful and seamless experience for users looking to explore advanced trading strategies. With the introduction of Crypto Options, CoinSwitch is redefining how Indian users engage with crypto derivatives. These option contracts give users the right, but not the obligation, to buy (via call options) or sell (via put options) a crypto asset at a predetermined price before a set expiry date. Some of the key features include: Multiple Expiries: Users can choose from 11 expiry options, including daily, weekly, monthly, and quarterly alternatives offering much more flexibility than the traditional equity markets Lowest Fees in the Industry: Users can now enjoy maximum profitability with trading fees starting at just 0.015% – the lowest in the crypto industry 24×7 Trading: Users can trade around the clock with no market closures, ensuring continuous access to opportunities across all market conditions-be it bullish, bearish, or sideways Minimum Investment: Users can start trading with a small lot size; as small as 1 USDT (approx. Rs. 90), making it accessible for every trader Instant Settlement: Users can settle their trades instantly with seamless trading experiences – an advantage not typically available in traditional equity markets High Implied Volatility: Users can now take advantage of annual volatility ranging between 50% and 75%, unlocking higher trading potential 'Crypto options open up a whole new world of trading opportunities-whether youre looking to hedge your portfolio or make the most of market volatility,' saidBalaji Srihari, Vice President, CoinSwitch. 'With this launch, we're aiming to strike the right balance-offering experienced users the advanced tools they need, while also making the experience intuitive and seamless for those who are just starting to explore. Our goal is simple: to make advanced trading more accessible, and a lot less intimidating for our users,' he added. Unlike equity options, CoinSwitch's Crypto Options come with no market closures, lower barriers to entry, and streamlined execution-making them a uniquely powerful instrument for both seasoned traders and new users exploring derivatives. For more information, please visit About CoinSwitch Founded in 2017, CoinSwitch is Indias largest crypto trading platform and a pioneer in shaping the country's crypto ecosystem. With over 2 crore users, CoinSwitch operates a regulatory-compliant platform that simplifies and enhances crypto trading for both retail and professional investors. Backed by global investors such as Coinbase Ventures, Tiger Global, and Sequoia Capital India to the tune of $300 million, CoinSwitch offers 350+ coins on its platform. CoinSwitch is a PeepalCo product and is ISO/IEC 27001:2022 certified and Financial Intelligence Unit – India (FIU- IND) registered. About PeepalCo PeepalCo is a house of brands serving India with tailored wealth-tech products aimed at Making Money Equal for All. Founded by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari, PeepalCos products include CoinSwitch and Lemonn. The Group is backed by blue-chip investors including Andreessen Horowitz (a16z), Tiger Global, Peak XV Partners (formerly Sequoia Capital India), Ribbit Capital, Paradigm, and Coinbase Ventures.
Mint
05-06-2025
- Business
- Mint
Bitcoin price today drops below $105k mark as crypto market whales continue sell-off
Bitcoin price today: The world's largest cryptocurrency, Bitcoin, started in the red today, at $104,968.95 down 0.71 per cent from the previous day, according to data on CoinMarketCap. Market capitalisation is $2.08 trillion, down 0.71 per cent, with trading volume at $44.25 billion, down 0.15 per cent. In fact, over the week, the token has dropped 0.70 per cent, CoinMarketCap showed, as crypto whales seek profit-booking while Bitcoin holds its longest period above the psychological $1,00,000 level. Over May and June 2025, Bitcoin has held above six figures for the longest period in history — 27 days (25 consecutives days, as per CoinSwitch data), compared to its 18-day run above $1,00,000 in January 2025, according to a report by Cointelegraph. The second largest crypto token, Ethereum network's Ether was flat, down 0.03 per cent to $2,614.70, with market cap at $315.65 billion, down 0.03 per cent, and volume at $18.23 billion up 8.20 per cent. Further, the US Dollar linked stablecoin Tether is also down 0.03 per cent to $1 over the previous day, with market cap of $153.77 billion, lower by 0.27 per cent, and volume at $66 billion down 3.46 per cent. Donald Trump's favoured Solana also dropped 1.96 per cent to $153.78 over the past 24 hours, with market cap down 1.69 per cent to $80.57 billion, and trade volumes down 26.11 per cent at $2.57 billion. Meanwhile, large Bitcoin holders, known as 'whales' are continuing their profit-taking streak amid the token's new peak run. On June 3, analyst Willy Woo wrote on X on June 3 that 'big whales' with over 10,000 Bitcoin 'have been selling since 2017' noting that most of these coins were bought at '$0 and $700 and held for 8 to 16 years'. Cointelegraph reported that a chart showing the supply held by whales reflected steady decline in holdings over the past eight years, from 2.77 million in 2017 to 1.6 million in 2025 — a drop of around 40 per cent.
