India’s Income Tax Department recently announced that it has issued notices to 100,000 cryptocurrency investors. The announcement came in light of government surveys into the operations of multiple leading Indian exchanges that have revealed widespread tax evasion on the part of India’s cryptocurrency traders.
Indian Cryptocurrency Investors Accused of Tax EvasionIndia’s Central Board of Direct Taxes (CBDT) chairman, Mr. Sushil Chanda, recently told reports that the country’s Income Tax Department has issued approximately 100,000 notices to cryptocurrency investors.
“People who have made investments [in cryptocurrency] and have not declared income while filing taxes and have not paid tax on the profit earned by investing, we are sending them notices as we feel that it is all taxable,” said Mr. Chanda, whilst speaking at an ASSOCHAM event in New Delhi.
The chairman stated that the Income Tax Department had conducted numerous surveys into the operations of the country’s cryptocurrency exchanges in order to ascertain the scale of the tax evasion being conducted.
“We found out that there is no clarity on investments made by many people which means that they have not declared it properly,” said Mr. Chandra, adding “We have informed all the DGs (Director Generals of Income Tax) across India, they are issuing notices and so that would be taxed.”
Source: https://news.bitcoin.com/111541-2/
