As stated by the tax official of India that the benefits from investments in cryptocurrency are subject to a tax liability, as well as those who will attempt not to pay will be looking for.
Chairman of the Central Board of Direct Taxes in India (CBDT) Sushil Chandra, on Tuesday this week during the event, confirmed that was sent about 100 000 messages to those residents who has not registered its cryptocurrency investments in a tax return. This was done in order to cryptocurrency investors knew about their tax obligations.
“People who invested [in cryptocurrency ] and did not declare income when they submitted taxes and did not pay taxes on profits from investments, we send them a message because we believe that they are taxed”
The last statement of the Indian tax Department is a confirmation of the previous report, which says that only after a national survey was sent to investors of the tax notice , which for 17 months has sold cryptocurrency worth 3.5 billion Dollars.
The Agency reported that according to the survey, investors got the message, failed to properly disclose its investment in cryptocurrency.