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"India Proposes Bill to Impose Up to 70% Tax on Unreported Virtual Asset Gains"

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JH Kim
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  • India is reportedly pushing for a bill to impose up to 70% additional tax on unreported virtual asset trading profits.
  • Virtual asset investors must report transaction information to the tax authorities, and additional taxes will be imposed for delayed reporting.
  • Unreported income can be amended within a maximum of 48 months from the income tax filing deadline.
STAT AI Notice
  • The article was summarized using an artificial intelligence-based language model.
  • Due to the nature of the technology, key content in the text may be excluded or different from the facts.

According to the cryptocurrency-focused media outlet Daily Hodl on the 4th (local time), India is pushing for a bill that would impose up to 70% additional tax on virtual asset trading profits if not reported within the deadline.

The bill stipulates that virtual asset investors must report transaction information to the tax authorities, and additional taxes will be levied for delayed reporting.

Furthermore, unreported income can be amended within a maximum of 48 months from the income tax filing deadline.

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