In brief
- India’s income tax department raised red flags associated with virtual digital assets in a presentation to Parliament’s finance committee on Wednesday.
- Tax authorities cited anonymous transfers, offshore exchanges, and jurisdictional limitations that make detecting taxable income and recovering dues nearly impossible.
- The concerns come as Indian Finance Minister Nirmala Sitharaman prepares to present her ninth consecutive budget on February 1.
India’s income tax authorities have joined the Reserve Bank of India in raising concerns over virtual digital assets, citing enforcement challenges that threaten the government’s ability to track and tax crypto transactions as the Union Budget approaches.
On Wednesday, Tax authorities…
