Actually, if you go by the law, it states that the buyer will have to deduct a TDS of 1% on the sale proceeds from the cryptos if it exceeds a certain threshold limit, however practically speaking this is really difficult, because not all the buyers here are institutionalized and not all of them hold TAN no which is required to deduct any TDS and deposit it, and no one will get a TAN number merely to buy cryptos after deducting TDS, also if these people do transact without TDS, I doubt the government would ever be able to detect such cases on noncompliances because these transactions would take place without the use of banking systems.

@UCK!!!

"The 🇮🇳 GST Council Is Likely To Levy 28% Tax on #Crypto Transactions."
https://twitter.com/bitinning/status/1523573434760187904

Has Any one filed IT based on the Income from BTC?? I don't think so.. I feel GOI doesn't even have a mechanism to figure out the transactions of BTC with Banking system.  So i seriously don't feel that people will go ahead and do it.  Please throw some light on how any Govt can track it?

Here is a calculator if this can be of any help for someone.
https://cleartax.in/s/bitcoin-tax-calculator

Are you sure about the news? Because for last year even I filed my Income tax return and many friends of mine have done it too but we have faced no issues so far and have received no notices too. And as for the returns for this year, the forms for filing tax returns aren't out yet so they definitely wouldn't have filed any returns so far. So obviously they are talking about last year only. But yes this notice thing can be quite subjective and only a few cases are selected for scrutiny after they have filed their returns, not all of them are selected. Generally cases with the high-income groups and having tedious income structures are selected under scrutiny and are served notice. But I think intelligent people should have declared their incomes and won't get a lot of troubles in notices.

Rich crypto people leave for Dubai and small earners pay 30  on 100 earnings, it's always to the middle class, isn't it.