The concern of the government and investigative agencies regarding Crypto is increasing in India. After RBI, now the Income Tax Department has also raised questions on the serious risks associated with Virtual Digital Assets. According to media reports, it was told before the Parliamentary Finance Committee that through crypto, cross-border transactions can be done rapidly without any bank or government middleman, in which the identity remains hidden. Due to private wallets and foreign exchanges, it becomes difficult to reach the real owner, which increases the possibility of tax evasion. The IT Department has already sent notices to many taxpayers on hiding crypto income. The agencies also suspect money laundering and terror funding. For this reason, Crypto is not considered a legal tender in India, although it is considered a Virtual Digital Asset and 30% tax is imposed on it. The rules may become more strict in the coming time.
Big warning on Crypto, after RBI Income Tax Department warned of serious dangers. Money Live | Major warning on crypto: After the RBI, the Income Tax Department highlights serious risks
