- India recently applied a 30% crypto tax on high-value crypto transactions.
- Most Indians believe this to be too high for tax.
- Many have failed to file their crypto holdings in their tax returns.
India’s Income Tax Department has flagged around 700 crypto investors. It seems these crypto investors are failing to pay taxes on high-value crypto transactions. To highlight, this hunt is in regard to India’s decision to put a tax on crypto transactions.
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In detail, India recently took a positive step towards recognizing the legal use of cryptocurrencies within its borders. However, the citizens of India are not happy with the step as it means they will have to begin paying taxes from crypto transactions.
Specifically, India is taxing 30% on every high-value crypto transaction. This is appalling to most of the public as many crypto holders are middle-class folks. In turn, they find that 30% is too much tax to be applied to crypto.
An official of India’s Central Board of Direct Taxation says,
We have a long list of people who were transacting in crypto assets but were not paying tax.
In particular, it seems most on the list have either not filed their taxes at all or have refused to declare their crypto gains in their tax returns. More so, these individuals could face up to 30% tax, interest, and penalty.
So far, the list includes a mostly high net worth of individuals. In addition, it also includes non-resident Indians (NRIs), housewives, students, and startups. To specify, some of these individuals have never had to file tax returns before.
Furthermore, tax officials say that some have over Rs. 40 lakh in gains. Not to mention, it seems the citizens themselves are befuddled on how to treat their crypto transactions. For instance, some have put them down as capital gains and others as business income.
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