Post
Topic
Board India
Re: Anyone Got Income Tax Notice for Trading on Binance, FTX or Coinbase?
by
wtfisbitx
on 08/05/2022, 01:38:19 UTC
Are you sure about the news? Because for last year even I filed my Income tax return and many friends of mine have done it too but we have faced no issues so far and have received no notices too. And as for the returns for this year, the forms for filing tax returns aren't out yet so they definitely wouldn't have filed any returns so far. So obviously they are talking about last year only. But yes this notice thing can be quite subjective and only a few cases are selected for scrutiny after they have filed their returns, not all of them are selected. Generally cases with the high-income groups and having tedious income structures are selected under scrutiny and are served notice. But I think intelligent people should have declared their incomes and won't get a lot of troubles in notices.

Roughly how much equity did you had on international exchange also how much was your estimated volume? i had deposited around around $5k on binance and after 2yrs withdrawn around $2k, made net loss and i am worried i'll still have to pay a hefty tax because my volume was huge probably in range of 20-60lac rs.