The Indian Tax Department issues notices to 100,000 crypto-investors.

The Indian Income Tax Department recently announced that it has issued notices to 100,000 cryptocurrency investors. The announcement came in light of government surveys of the operations of multiple leading Indian stock exchanges that have revealed widespread tax evasion by India's cryptocurrency traders.

The chairman of the Central Board of Direct Taxes (CBDT) of India, Mr. Sushil Chanda, said recently that the country's Income Tax Department has issued approximately 100,000 notices to investors of cryptocurrencies.

"People who have made investments in cryptocurrencies and have not declared income while reporting taxes and have not paid taxes on the profits obtained by investing in these assets, we are sending them notices because we believe that everything is subject to taxes," said Mr. Chanda . while speaking at an ASSOCHAM event in New Delhi.

The president said that the Income Tax Department had conducted numerous surveys on the operations of the country's cryptocurrency exchanges in order to determine the magnitude of the tax evasion that was taking place.

"We discovered that there is no clarity about the investments made by many people, which means that they have not declared it properly," said Mr. Chandra, adding: "We have informed all the DGs rent) throughout India, are issuing notices and therefore would be taxed. "

The announcement comes shortly after S.C. Garg, Secretary of Economic Affairs of India, commented on the country's regulatory path with respect to cryptocurrencies. Speaking to CNBC, Garg said that the government panel charged with analyzing the problems related to the "cryptomedia" is expected to submit its report at the end of the fiscal years, which ends on March 31.

Reaffirming the comments of Finance Minister Arun Jaitley last week, Garg also emphasized the government's intention to crack down on the use of cryptocurrency as a means of payment, stating that "the government will take measures to make it illegal as a system of payment." payment".