India’s Tax Department Is Sending Notices to Crypto Investors

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Indian residents engaging in cryptocurrency investments have been sent notices by India’s Central Board of Direct Tax (CBDT) to remind them that these are subject to tax liability.

According to CBDT chairman Sushil Chandra, around 100,000 of the said notices have already been sent by the department’s law enforcement units across the country.

“People who have made investments [in cryptocurrencies] and have not declared income while filing taxes and have not paid tax on the profit earned by investing, we are sending them notices as we feel that it is all taxable.”

Recently, the agency conducted several surveys on domestic exchanges in order to gather more information about regular traders, and found that many did not pay taxes properly and failed to accurately disclose their cryptocurrency investments.

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