The Indian Tax Department is looking for investors who do not pay taxes on profits from digital currency transactions.
Sushil Chandra, chairman of the country's Central Board of Direct Taxes, said the government has not seen clarity on crypto investments. This means that many businessmen did not openly declare themselves and did not pay taxes. All Income Tax CEOs across India have been informed. They have already sent out about 100,000 similar notices to those who are trying to hide their profits from investments in digital currency.
Moreover, the information department of the tax department will trace the connection between investments in cryptocurrency and their source. If this fails, they will fall under tax audit. Chandra noted that in this way it will be possible to calculate the exact amount of investment that will be taxed.
According to one of the leading Indian lawyers, the country's government is currently interested in those who receive large capital from investments in cryptocurrency.
Subscribe to our news in Telegram
You May Also Like
Another tightening of European regulations or how cryptocurrencies came under the radar of EU financial intelligence
It seems that with each new year, the hysteria of state regulators around the cryptocurrency market will only increase. This is confirmed by new changes to the well-known EU Directive 2015/849 regarding combating money laundering and legalization of funds obtained from criminal activities, as well as the financing of terrorism.
South Korean authorities are not going to ban cryptocurrency trading
Finance Minister Kim Doong-yong said the government has no plans to close exchanges, refuting controversial comments from government officials in South Korea, the flagship cryptocurrency market, and reassuring investors.
