Anyone Got Income Tax Notice for Trading on Binance, FTX or Coinbase?

pawanjain

hero member

Activity: 2646

Merit: 713

Nothing lasts forever

Quote from: wtfisbitx on May 07, 2022, 12:39:11 AM

On some Indian telegram groups about crypto people are complaining they got notices from tax authorities AFTER filing Income tax, almost all of them purchased crypto using bank acc via local exchange like WazirX, CoinDCX etc.. i am just curious if anyone got notice in india for trading in Binance.com, FTX, ByBit or Coinbase? i've heard some indians have huge sums on their offshore crypto exchange account such as binance, coinbase etc.. which they earned by trading and haven't disclosed it and many investors have small holding on binance, coinbase, ftx. etc.. which they don't intend to disclose too. Binance's official statement is that they don't share lumsum data of indian users with government but i think that's BS they will most likely give all the data to government soon enough.

I don't know about others but I haven't received any kind of tax notice either from Binance or Wazirx.
Do you have any screenshot of the tax notice or a link where you read about it which may help us get more info about it.
Also, there might be a chance that it might be a phishing mail or something and scammers might try to benefit out of this situation.

wtfisbitx

newbie

Activity: 7

Merit: 0

Quote from: teosanru on May 07, 2022, 03:04:07 PM

Are you sure about the news? Because for last year even I filed my Income tax return and many friends of mine have done it too but we have faced no issues so far and have received no notices too. And as for the returns for this year, the forms for filing tax returns aren't out yet so they definitely wouldn't have filed any returns so far. So obviously they are talking about last year only. But yes this notice thing can be quite subjective and only a few cases are selected for scrutiny after they have filed their returns, not all of them are selected. Generally cases with the high-income groups and having tedious income structures are selected under scrutiny and are served notice. But I think intelligent people should have declared their incomes and won't get a lot of troubles in notices.

Hmm ok

teosanru

hero member

Activity: 2100

Merit: 618

Quote from: wtfisbitx on May 07, 2022, 12:39:11 AM

On some Indian telegram groups about crypto people are complaining they got notices from tax authorities AFTER filing Income tax, almost all of them purchased crypto using bank acc via local exchange like WazirX, CoinDCX etc.. i am just curious if anyone got notice in india for trading in Binance.com, FTX, ByBit or Coinbase? i've heard some indians have huge sums on their offshore crypto exchange account such as binance, coinbase etc.. which they earned by trading and haven't disclosed it and many investors have small holding on binance, coinbase, ftx. etc.. which they don't intend to disclose too. Binance's official statement is that they don't share lumsum data of indian users with government but i think that's BS they will most likely give all the data to government soon enough.

Are you sure about the news? Because for last year even I filed my Income tax return and many friends of mine have done it too but we have faced no issues so far and have received no notices too. And as for the returns for this year, the forms for filing tax returns aren't out yet so they definitely wouldn't have filed any returns so far. So obviously they are talking about last year only. But yes this notice thing can be quite subjective and only a few cases are selected for scrutiny after they have filed their returns, not all of them are selected. Generally cases with the high-income groups and having tedious income structures are selected under scrutiny and are served notice. But I think intelligent people should have declared their incomes and won't get a lot of troubles in notices.

Frengki_cisco

member

Activity: 790

Merit: 44

Quote from: wtfisbitx on May 07, 2022, 12:39:11 AM

On some Indian telegram groups about crypto people are complaining they got notices from tax authorities AFTER filing Income tax, almost all of them purchased crypto using bank acc via local exchange like WazirX, CoinDCX etc.. i am just curious if anyone got notice in india for trading in Binance.com, FTX, ByBit or Coinbase? i've heard some indians have huge sums on their offshore crypto exchange account such as binance, coinbase etc.. which they earned by trading and haven't disclosed it and many investors have small holding on binance, coinbase, ftx. etc.. which they don't intend to disclose too. Binance's official statement is that they don't share lumsum data of indian users with government but i think that's BS they will most likely give all the data to government soon enough.

WazirX, informed about the tax that has been set by the authority via gmail, Binance too, but I'm not serious in responding to the tax, I think as long as it doesn't have a big impact on my trading and earnings, I don't care, just do what the authorities want to do.

wtfisbitx

newbie

Activity: 7

Merit: 0

On some telegram groups about crypto people are complaining they got notices from tax authorities AFTER filing Income tax, almost all of them purchased crypto using bank acc via local exchange like WazirX, CoinDCX etc.. i am just curious if anyone got notice in india for trading in Binance.com, FTX, ByBit or Coinbase? i've heard some indians have huge sums on their offshore crypto exchange account such as binance, coinbase etc.. which they earned by trading and haven't disclosed it and many investors have small holding on binance, coinbase, ftx. etc.. which they don't intend to disclose too. Binance's official statement is that they don't share lumsum data of indian users with government but i think that's BS they will most likely give all the data to government soon enough.

Topic: Anyone Got Income Tax Notice for Trading on Binance, FTX or Coinbase? (Read 176 times)