Indian Crypto Trader Faced 78% Tax Penalties for P2P Transactions
India’s Financial Intelligence Unit (FIU) is in action taking enforcement against the traders who are using peer-to-peer (P2P) platforms. According to the recent reports over the last month, many crypto traders and inventors received income tax notices against their P2P transactions on foreign exchanges.
Recently crypto traders in India faced up to 78% tax penalties for P2P transactions without buyer KYC. In 2022 the trader sold cryptocurrencies worth 98,500 via peer-to-peer (P2P) transactions and booked a ₹1,500 profit on it. The transaction was done through a centralized exchange.
Now after approximately 3 years he got a a notice from the income tax department and asked him to pay a hefty tax penalty of Rs 78,000. The issue stems…
