India Issues Crypto Tax Notices to Thousands, Seizes $327K in Crackdown

India’s tax department issued notices to individuals over unreported crypto income for 2022-24. Enhanced data sharing by exchanges enabled governments to monitor in real-time. Authorities seized $327,000 from a cross-border cyber fraud ring and made an arrest. India’s Income Tax Department has escalated enforcement actions against cryptocurrency tax evaders. They issued notices to thousands of individuals who failed to report digital asset income in their tax filings for financial years 2022-23 and 2023-24. The crackdown utilizes enhanced data-sharing mechanisms between digital asset exchanges and government authorities, enabling real-time transaction monitoring and cross-referencing. Tax officials have identified discrepancies between taxpayer-reported figures and actual transaction data obtained from digital asset platforms and Tax Deducted at Source (TDS) returns. These inconsistencies have raised red flags over systematic underreporting or complete non-disclosure of income generated through cryptocurrency trading activities. India Tightens Crypto Tax Enforcement as CBI Arrests Fraud Suspect The Central Board of Direct Taxes has expressed concer… The post India Issues Crypto Tax Notices to Thousands, Seizes $327K in Crackdown appeared first on Coin Edition .

Source: Coin Edition