India’s Tax Department Is Sending Notices to Crypto Investors

An Indian tax official has said that gains from cryptocurrency investment are subject to tax liability and that it will seek out those trying to avoid paying taxes. Sushil Chandra, chairman of India’s Central Board of Direct Tax (C.B.D.T) confirmed that around 100,000 notices have been sent to residents who have not included their cryptocurrency investment on income tax returns. The latest statement from India’s tax department comes after a nationwide survey discovered some $3.5 billion-worth of cryptocurrency being traded in a 17-month period.