Earlier, the Indian Income Tax Ministry reportedly cracked down on crypto investors who failed to pay taxes on cryptocurrency gains. The department examines high-value crypto transactions from around 700 investors.
According to a report by the Economic Times, other authorities are proposing to give them advance notice. Tax officials say most of these people have neglected to declare crypto profits on tax returns.
As a result, the 700 investors could face a 30 percent tax along with fines and interest. A senior official at the Central Board of Direct Taxation of India (CBDT) said in a report that it had all the data on these investors.
“We have a long list of people who trade crypto assets but don’t pay taxes. First, (we) selected about 700 transactions where the tax liability is very high,” the official, quoted by Bitcoin.com, said on Saturday, April 9, 2022.
This list includes not only high net worth individuals, but also non-resident Indians, startups, students and housewives. Some of them haven’t even filed their tax returns.
Indian Finance Minister Nirmala Sitharaman proposed a 30 percent tax on cryptocurrency capital gains for the next fiscal year in her budget speech last month. The budget further states that a fixed tax will be levied regardless of how long a person has owned the crypto asset.
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