The Chairman of India’s Central Board of Direct Taxes (CBDT) Mr Sushil Chandra, recently announced that the Income Tax Department of India has issued notices to 100,000 crypto investors. The entire scenario came into existence when the government conducted surveys into the working of leading Indian exchanges. The survey unveiled the widespread tax evasion among the Indian cryptocurrency traders.
At the time of signing taxes, those who invested in cryptocurrency and haven’t revealed their income were issued notices.The crypto investors who have not paid taxes on the earned profit were also in the list. Mr Chandra reportedly said they all are eligible to pay taxes and that is the reason for sending them these notices. He also revealed some facts about the survey conducted by the department.
In order to figure out the operations of cryptocurrency exchanges carried out in the country, various surveys were conducted. These surveys helped to gather a list of people who are certainly in the queue of paying the taxes applicable on their earned profit through crypto investing. As per Mr Chandra’s statement, the investments done by the people on cryptocurrency is still not clear. All the Director Generals (DGs) of Income Tax Department were directed to issue the notices to all those discovered investors.’
Besides this, the Economic Affairs Secretary of India Mr S.C. Garg also discussed the regulatory path of India’s cryptocurrency market. During his interview with CNBC, Mr Garg revealed that a panel is working to analyse the crypto-assets and related issues. The panel is expected to deliver the report of the analysis before 31 March 2018. Apart from this, he also put a light on the government’s intention to crack down the use of cryptocurrency as a payment means. He stated that ‘the government is forming strategies to take steps for making the entire system a legal one.’