One Hundred Thousands of Indian Crypto Investors Are in the Crosshairs of the Tax Service

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.

Recall that India does not will introduce a ban on digital currencies. According to the Indian Prime Minister’s statement last week, rules for the cryptocurrency eco-system will be introduced by the end of the next financial year. This issue is currently being dealt with by an expert committee of senior state officials.

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