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Indian tax authorities are scrutinising Binance traders over compliance concerns. This and more in today’s ETtech Top 5. Also in the letter:■ Coming soon: Dr Apple■ Battle for broadband dominance■ Perplexity CEO denies financial woesCrypto traders dodging TDS via Binance under I-T lens 119808853Indian tax authorities are closely monitoring traders using Binance, the world's largest cryptocurrency exchange, for potential tax the news: The Income Tax (I-T) department has recently sought details on whether the mandatory 1% tax deducted at source (TDS) has been collected on such transactions. As per tax office notices, investors must either provide proof of TDS deduction or justify why it does not apply to them. 119808903Tell me more: Many Indian traders on Binance use peer-to-peer (P2P) transactions, where the platform connects buyers and sellers who settle in rupees. Buyers are legally required to withhold TDS on direct P2P transactions and trades on foreign exchanges—a rule often ignored. Domestic platforms, in contrast, automatically deduct and deposit TDS. In crypto-to-crypto swaps, which are common on global exchanges, parties are liable for TDS but often fail to closes $131 million funding round from existing investors led by Accel Leaders Fund 119808917Niraj Singh, CEO, Spinny Gurugram-based used-car sales platform Spinny has raised $131 million in a fresh funding round led by US-based Accel Leaders Fund. The investment, a mix of primary and secondary transactions, comes at a flat valuation of $1.7-1.8 billion, sources told details: The company has received the first tranche of the $107 million primary funding from Accel and Nandan Nilekani’s Fundamentum, with the second tranche expected by late filings with the Registrar of Companies (RoC) show that Accel and Fundamentum have invested $52 million so round will also see participation from existing investors such as Tiger Global, Elevation Capital, and General told ET that a $23-24 million secondary transaction was also in the plans: Spinny will likely deploy the freshly raised capital to expand its newly launched non-banking financial company. The round is also expected to trigger increased investor interest in the space, and rivals Cars24 and CarDekho are likely to follow suit with their respective :Spinny raised $283 million in December 2021 in a round led by Abu Dhabi-based ADQ, Tiger Global, and Avenir Growth, achieving unicorn FY2024, Spinny cut its net loss to Rs 590 crore from Rs 820 crore the previous year by consolidating Truebil and Spinny Max into its main platform and laying off 300 November, Spinny’s CEO Niraj Singh told ET that he expected the company’s revenue to grow 25-30% in to revamp Health app with AI-powered virtual doctor 119809004Apple is set to overhaul its Health app with an AI-driven health coach as part of ‘Project Mulberry’.Revamp details:Personalised guidance: The updated Health app will tailor personalised advice based on data from Apple -powered coaching: The AI health coach will analyse this user data and provide customised input: Apple is training the AI with its in-house doctors and plans to collaborate with health experts to create educational video content.
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