Questions asked by Income Tax Department to HNIs engaged in Crypto Transactions

Recently, Indian Income Tax department conducted a survey at bitcoin exchanges to investigate the tax obligations of the users. (Read the detailed article here). The survey was conducted to identify parties involved, extract information about transactions and funnel down assesses who poses the risk of tax evasion.

Further, the IT department issued notices to 4 – 5 lakh HNIs involved in cryptocurrency transactions. Below is a snapshot of questions asked by Income Tax officials in the notice-

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P.S. I am sharing this information only based on available best possible information. The information is highly speculative. It is requested from the readers to trust their own knowledge and research before completely relying on such information items available online.

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