India Chases Crypto Tax Evaders With Over 44,000 Warning Notices
Main Idea
India's Income Tax Department has issued over 44,000 warning notices to crypto traders for tax compliance, enforcing a 30% flat tax on crypto gains and a 1% TDS on transactions.
Key Points
1. India’s Finance Act of 2022 introduced a 30% flat tax on crypto gains and a 1% TDS on transactions to track crypto activity.
2. The Income Tax Department has sent 44,057 notices to crypto traders to avoid scrutiny, penalties, or prosecution.
3. The government has collected ₹269.09 crore (approx. $32.2 million) in taxes from crypto transactions.
4. Penalties for non-compliance include fines of 50% to 200% of the disputed tax amount.
5. India has nearly 100 million crypto users, with a 7.1% adoption rate, making it a significant market for crypto taxation.
Description
Crypto traders across India are cautioned to report their transactions to avoid late penalties. India’s Finance Act of 2022 introduced a 30% flat tax on crypto gains. Crackdown on crypto traders is facilitated through registered crypto exchanges and P2P platforms. India’s Income Tax Department has sent notices to 44,057 cryptocurrency traders who it believes failed to report their transactions for the 2025 financial year. In a massive outreach , authorities have warned traders to update their ta...
Latest News
- Rate Cuts Threaten Profits of Stablecoin Giants Tether and Circle2025-08-15 14:53:46
- FTX News: Next Distribution Set on 30th Sep After Today’s Record Date2025-08-15 13:26:30
- Cardano Approaches Breakout as $1 Resistance Faces Critical Test2025-08-15 09:49:12
- XRP (XRP) Price Prediction for August 162025-08-15 09:10:25
- Solana (SOL) Price Prediction for August 162025-08-15 09:10:08