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The Coin Rise 2025-02-02 20:30:23

India to Impose 70% Tax Penalties on Crypto Defaulters

India to Impose 70% Tax Penalties on Crypto Defaulters

Under a new amendment, cryptocurrency investors and traders in India are billed to face significant tax penalties on profits they failed to disclose. The country’s tax law demands this from crypto gains that remained undisclosed for up to 48 months after the relevant tax assessment year. Cryptocurrency With Traditional Assets With the new development, cryptocurrencies are under Section 158B of the Income Tax Act. Indian Finance Minister Nirmala Sitharaman’s Union Budget 2025 announcement suggests that this section reports undisclosed income. With the amendment, crypto gains that are not reported will be subjected to block assessments This automatically places cryptocurrencies under the same tax treatment as traditional assets like money, jewelry, and bullion. The payable penalty for this category is “70% of the aggregate of tax and interest payable on the additional income disclosed in the updated income tax return [ITR],” the amendment reads. Indian Government Spots Tax Law Violation The new crypto tax proposition became effective retrospectively from February 1, 2025. India’s Minister of State for Finance, Pankaj Chaudhary, once noted that the government found 824 crore Indian rupees, valued at approximately $97 million, in unpaid goods and service taxes (GST) by several crypto exchanges. In August, Indian law enforcement agencies requested that leading cryptocurrency exchange Binance pay 722 crore Indian rupees or $85 million in unpaid taxes. With the new amendment, such penalties have become a standing order. “Crypto asset has been defined in section 2(47A) of the Act under the existing definition of Virtual Digital Asset A reporting entity, as may be prescribed under section 285BAA of the Act, will be required to furnish information of crypto asset,” the amendment stated. Capital Gains Tax in the US And Italy This development came barely a week after Eric Trump, a businessman and son of the US President, allegedly confirmed that some crypto projects like HBAR and XRP would have tax incentives. They will have no capital gains tax, but non-US-based companies must pay approximately 30% of the capital gain tax. The information aligns with the US pro-crypto stance and encourages investment in these US-linked crypto projects. Such a policy could influence investment decisions. This is consideration of the investors shift towards these “zero capital gains tax” entities to the disadvantage of foreign-origin cryptos. Similarly, Italy has re-considered its initial plan to increase taxes on cryptocurrency capital gains. The post India to Impose 70% Tax Penalties on Crypto Defaulters appeared first on TheCoinrise.com .

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