Summary
- 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.
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.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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