India targets 400 wealthy investors for hidden Binance transactions
Amid the ongoing case surrounding the hack of India’s largest crypto exchange WazirX, tax authorities are pursuing more than 400 wealthy individuals across India for concealing cryptocurrency transactions on Binance between 2022 and 2025.
According to Crypto.news, citing sources familiar with the matter, the Central Board of Direct Taxes (CBDT) has instructed investigative units in various cities to report their actions by October 17.
Tax authorities have access to data from crypto exchange transactions, allowing them to identify discrepancies and undeclared income that previously went unnoticed.
Officials believe that traders used offshore platforms such as Binance in an attempt to avoid taxation on crypto income under Indian law.
Chartered accountant Siddharth Banwat from Mumbai noted that the tax department has the right to issue a summons to verify the accuracy of tax returns.
Taxpayers urged to pay additional taxes
Taxpayers who took an aggressive stance and failed to declare income may rectify this by filing revised returns with additional tax payments.These enforcement actions reflect India’s growing focus on regulatory compliance regarding virtual digital assets.
According to The Economic Times, this includes a 1% tax deducted at source (TDS) on every sale, as well as an overall profit tax ranging from 33% to 42% depending on the tax regime.
As we wrote, WazirX hack update: Bombay High Court favors CoinSwitch in $6.8M crypto dispute
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