India’s Tax Department Issues Notices to 100,000 Crypto Investors
Reaffirming finance minister Arun Jaitley’s comments from last week, Garg also highlighted the government’s intention to crack down on the use of cryptocurrency as a way of payment, stating that “The government will take action to allow it to be illegal as a payment method.”
India to Crack Down on Utilization of Cryptocurrencies as “Payment Method”
The chairman said that the Income Tax Department had conducted surveys into the country’s cryptocurrency exchanges’ operations to be able to ascertain the scale of these tax evasion.
Also Read: India’s Finance Minister Confirms Crypto Not Heard as Legal Tender, Media Panics
India’s Central Board of Direct Taxes (CBDT) chairman, Mr. Sushil Chanda, recently told reports that the country’s Income Tax Department has issued approximately 100,000 notices to cryptocurrency investors.
The statement came into the operations in light of government surveys.
The announcement comes shortly following S.C. Garg, India’s Economic Affairs Secretary, produced comments discussing the country’s regulatory path with regard to cryptocurrencies. Speaking to CNBC, Garg said that the government panel tasked with assessing topics related to “crypto assets” is expected to produce its report by the end of the fiscal years, that ends on March 31st.
“Individuals who’ve made investments [from cryptocurrency] and have not announced income while submitting taxes and have not paid tax to the profit earned by investing, we’re sending them notices because we feel it’s all non refundable,” said Mr. Chanda, whilst speaking at an ASSOCHAM occasion in New Delhi.
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Indian Cryptocurrency Investors Accused of Tax Evasion
“We discovered there’s no clarity on investments made from many people so they have not announced it correctly,” said Mr. Chandra, adding “We have advised all of the DGs (Director Generals of Revenue Tax) throughout India they are issuing notices and so will be softened.”
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Released at Sat, 10 Feb 2018 10:55:37 +0000
Pictures courtesy of Shutterstock, www.incometaxindia.gov.in