Successfully Defending a Large Crypto Trader Against Income Tax Notice - India 2025 In recent years, the Income Tax Department (ITD) has increased scrutiny on cryptocurrency (Virtual Digital Assets or VDA) transactions due to concerns about tax evasion and underreporting. Many traders and investors have…
A number of clients have started receiving an email from centralized exchanges like CoinDCX, WazirX, etc asking for Originator Info. It says something like the following: Subject: Provide Originator Info for Recent Deposit - X,XXX.XX USDT Body: Hi Customer, We noticed a crypto deposit in…
The Income Tax Department, leveraging advanced database systems, now captures various financial transactions of taxpayers, including Non-residents (NRIs, OCIs). Despite assumptions that foreign source funds aren't taxable, the absence of Indian Income tax filings prompts the department to verify potential tax evasion and the sources…