Tag: India’s tax policies
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India Sends 44,000 Tax Notices to Crypto Traders
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India’s crypto investors are under growing scrutiny as the Income Tax Department launches a massive compliance drive, issuing over 44,000 notices to individuals accused of underreporting or failing to declare crypto income. The sweeping campaign is part of the government’s broader effort to rein in undisclosed gains from virtual digital assets (VDAs), including Bitcoin and…
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India Risks $2 Billion in Tax Revenue as Crypto Traders Flee Offshore
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India’s tax policies on cryptocurrency are pushing traders to offshore platforms, risking a loss of over $2 billion in tax revenue over the next five years, a new report from Indian think tank Esya Centre reveals. Since July 2022, the government has already missed collecting over ₹6,000 crore ($724 million) in taxes from virtual digital…