India’s tax authorities have raised issues about the circumvention of tax payments through crypto transactions. While the body has met with exchanges for information sharing, enforcement has been poor.
India warns crypto transactions could undermine tax enforcement
The tax authorities in India have expressed concern about the difficulties of taxing cryptocurrency transactions. Officials of the Income Tax Department (ITD) and the Central Board of Direct Taxes (CBDT) made this statement in a recent parliamentary session.
They noted that it was hard to trace taxable crypto income because of the use of personal wallets, offshore exchanges, and decentralized finance (DeFi) systems. The ITD noted that such borderless and anonymous transactions make it difficult to exercise jurisdictional control over them.
Also, it is almost impossible to trace and tax crypto activities. Although there have been recent initiatives to improve information sharing, the agency noted that enforcement is still a major challenge.
Shiba Inu price prediction: Can these 2 coins outshine SHIB this year?
3. Pudgy Penguins: Pengu price rises on weekly chart
Pudgy Penguins has experienced tremendous growth since 2021, when it entered the crypto space as a collection of 8,888 unique NFTs. The team launched the Pengu token in December 2024, and its price skyrocketed to a peak of $0.06845.
However, the Pengu price has dropped since. As of January 9th, the Pengu coin was trading at $0.01197 with a gain of 17.5% on the weekly timeframe. Nehal predicts that the Pengu price might surge to $0.022 soon.
Final verdict
FAQs
1. How much will Shiba Inu be worth in 2026?
According to CoinCodex’s SHIB forecast, Shiba Inu could trade between $0.000008635 and $0.00001347 in 2026. The Shiba Inu price outlook remains modest.
2. Will the Shiba Inu coin reach $1?
Due to its massive circulating supply of 589.24 trillion, reaching $1 is mathematically impossible. Also, the memecoin has a low utility and slow burn rate, which keeps most Shiba Inu price prediction targets modest.
3. Will Shiba Inu make millionaires?
While Shiba Inu made some investors millionaires in 2021, its large market cap of $5 billion limits further growth. Given the current Shiba Inu market sentiment, the chances of a huge ROI are low.
