Indian tax authorities issue tax notifications to cryptocurrency investors

nBankruptcy comment: Sushil Chandra, chairman of the Central Directorate of the Central Directorate of Taxation, confirmed at the event on Tuesday that the agency has issued a tax notification to residents who did not include a cryptocurrency investment in their income tax returns. At the same time, it also expresses the obligation of taxation on the proceeds of crypto-currency investment. Earlier, the agency conducted several surveys on crypto currency transactions across the country, and the results of the survey revealed that cryptocurrencies did not properly and properly disclose the holdings of their cryptocurrencies.n
nTranslation: Clovern
A tax official in India said that revenue from encrypting monetary investments would have to bear the tax obligations and said the agency would look into tax avoidance staff.n
Sushil Chandra, chairman of the Central Board of Direct Tax in India, confirmed at the event on Tuesday that the agency has sent nearly 100,000 notifications to local residents who did not include a cryptocurrency investment in their income tax returns.n
According to Chandra, these notices were issued by the department’s law enforcement agencies across the country to ensure that cryptocurrency investors are aware of tax obligations.n
Chandra said:n
n”We have been giving notice to those who have invested in [cryptocurrency] and have not reported their income on tax returns and have not paid any profits on investment, because we think it is taxable.”n
nThis latest statement issued by the Indian taxation department also confirmed the contents of the previous report, which indicated that after a nationwide survey found that the transaction volume of cryptocurrencies reached 3.5 billion U.S. dollars in the past 17 months, the tax authorities sent to investors Tax notice.n
According to Chandra, the tax authorities have conducted several surveys on domestic exchanges to gather information on frequent traders, including “how many people trade frequently, how many people are themselves registered, and how many people have completed the transaction.” “n
According to the survey, the agency said investors who received the notice failed to clearly and properly disclose the holdings of its cryptocurrencies.n

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