Indian Authorities Crack Down on Crypto Tax Evaders
Indian tax authorities are taking strong action against people and businesses that are hiding their crypto earnings. The crackdown started after the government noticed that the majority were not reporting gains they made form crypto which is mainly in Bitcoin and Ethereum.
According to Bloomberg, the Central Board of Direct Taxes (CBDT) is now investigating these tax evasions and money laundering involving digital assets.
Their profits are taxed at a flat rate of 30% under Section 115BBH of the Income Tax Act. In short, any gains from these assets are taxed heavily, but most people are evading this tax.
The CBDT has often used data analysis to pinpoint individuals and companies that are involved in suspicious crypto transactions. Many…
