- Indian Tax Authorities have identified 700 cryptocurrency investors who failed to pay their taxes.
- The taxes were on high-value crypto exchanges.
- CBDT chairman comments on the action taken.
India’s income taxes department announces they are coming after 700 cryptocurrency investors who failed to pay taxes on high-value crypto transactions.
The officials said most of these people have either omitted declaring crypto gains on their tax returns or have not filed tax returns at all. They could face 30% tax, penalty, and interest. The list included high-worth people, students, housewives, and some people who have never filed a tax return.
These people have gains exceeding Rs 40 lakh, which equals $52,495.92, but have either not filed tax returns or declared zero income on their returns. Also, Taxpayers have been treating crypto transactions differently, meaning some declaring income has been treated as capital gains while others as business income.
Nirmala Sitharaman, the Indian Finance Minister, proposed in her budget speech last month a 30% tax on capital gains from cryp ...