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Mar 16, 2022
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Taxes

by Kevin Helms

9 hours ago
 * 
 * 0




INDIA TARGETS 700 CRYPTO INVESTORS FOR NON-PAYMENT OF TAXES: REPORT




India’s income tax department has reportedly identified about 700 cryptocurrency
investors who have failed to pay taxes on high-value crypto transactions. “We
have a long list of people who were transacting in crypto assets but were not
paying tax,” said an official with the country’s Central Board of Direct
Taxation.



INDIAN TAX AUTHORITY GOING AFTER 700 CRYPTO INVESTORS

India’s income tax department is reportedly cracking down on non-payment of
taxes from cryptocurrency gains. The department is examining the high-value
crypto transactions of about 700 investors, the Economic Times reported Tuesday,
adding that the authority is proposing to issue notices to them.

Income tax 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.

A senior official with the Indian Central Board of Direct Taxation (CBDT) told
the publication:

> We have a long list of people who were transacting in crypto assets but were
> not paying tax. Initially, (we) have shortlisted about 700 transactions, where
> tax liability is very high.

The list includes high net worth individuals, non-resident Indians, startups,
students, and housewives. Some of them have never filed tax returns.

According to tax officials, some people have gains exceeding Rs 40 lakh but have
either not filed tax returns or declared zero income on their returns. Moreover,
taxpayers have been treating crypto transactions differently on their tax
returns — some declaring income as capital gains while others as business
income.

Indian Finance Minister Nirmala Sitharaman proposed in her budget speech last
month a 30% tax on capital gains from cryptocurrencies for the next fiscal year.
The budget further stated that a flat tax would apply irrespective of how long
an individual has held the crypto assets.

Besides complying with the tax rules outlined in the budget, tax officials said
that the department may also seek penalties, which may go up to 50% over and
above the tax.

In an interview with the publication last month, CBDT Chairman J. B. Mohapatra
said that a large number of cryptocurrency investors had not been declaring
income and the income tax department has collected enough data on them. He added
that the department will initiate enforcement action after March 31.

TAGS IN THIS STORY

income tax, income tax department, India, India's income tax, Indian crypto
regulations, tax avoidance, tax evasion, tax filing, tax returns

What do you think about India’s income tax department going after 700 crypto
investors? Let us know in the comments section below.

KEVIN HELMS

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an
evangelist ever since. His interests lie in Bitcoin security, open-source
systems, network effects and the intersection between economics and
cryptography.





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