India crypto tax filings lag trading activity: Report
CoinTelegraph·
60-second summary
India's tax department is struggling to track crypto transactions, with only a quarter of the 645,000 individuals who made trades reporting their income on tax returns. This discrepancy highlights the need for improved regulatory oversight and tax compliance in the Indian crypto market. The lack of transparency hampers the government's ability to collect revenue from these transactions.
India’s tax department reportedly found that fewer than a quarter of the 645,000 people who made crypto transactions reported them on tax returns.