Indian Government Slaps 70% Taxes on Unreported Crypto Gains in New Amendment

Crypto traders in India could end up shelling out significant tax penalties if they don’t report their gains in a timely fashion. New legislation in the country of 1.46 billion people proposes that reporting entities must submit information regarding crypto transactions to India’s tax authority. Gains that are reported late could garner significant tax penalties. Reads the legislation , “A non-filer taxpayer can file updated [income tax return (ITR)] at any time for the previous year within 48 months from the end of the relevant assessment year. The additional income-tax liability for additional income disclosed in the updated ITR in different years is as below: (i) Ist Year (within 12 months from the end of relevant assessment year), it will be 25% of the aggregate of tax and interest payable. (ii) 2nd Year (after expiry of 12 months from the end of relevant assessment year within 24 months from the end of relevant assessment year), it will be 50% of the aggregate of tax and interest payable. (iii) 3rd Year (after expiry of 24 months from the end of relevant assessment year within 36 months from the end of relevant assessment year), it will be 60% of the aggregate of tax and interest payable. (iv) 4th Year (after expiry of 36 months from the end of relevant assessment year within 48 months from the end of relevant assessment year), it will be 70% of the aggregate of tax and interest payable.” Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Indian Government Slaps 70% Taxes on Unreported Crypto Gains in New Amendment appeared first on The Daily Hodl .