Indian Authorities Investigate Binance Traders for Crypto Tax Evasion
Indian tax authorities are investigating over 400 high-net-worth individuals for suspected crypto tax evasion through Binance.
The Central Board of Direct Taxes (CBDT) has launched a probe, directing local income tax departments to submit progress updates by October 17.
Officials suspect that many traders failed to declare income generated through crypto transactions between fiscal years 2022-23 and 2024-25, potentially amounting to tens of millions of dollars in unpaid taxes.
India has some of the world's most stringent tax rules for digital assets, and this probe marks one of the country's toughest crackdowns on digital asset tax evasion to date.
According to the report, the probe marks one of the country’s toughest crackdowns on digital asset tax evasion to date.
Author's summary: India probes 400 Binance traders for tax evasion.
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