An Indian resident is legally obliged to maintain records of his income for up to 7 years. Anything beyond that time, is not required. Income tax department follows the same law and they don't send notices for incidents happened more than 7 years ago. So the document can't be recent. So if anyone of you receive such notices for FY 2012 - 13, you are not bound to provide any documented proof. Income tax department can't force you here.
They can certainly send such notices for recent events though. However, don't assume that you will have to pay 30% tax on your previous crypto income. because India didn't have a tax structure on cryptos before 2022. So if you receive such notice, add your crypto income to your total income and pay according to your bracket. Don't pay 30%.
Topic: Anyone here got IT notice for being involved with Crypto in FY 2012-13? (Read 170 times)
April 12, 2022, 12:55:55 PM
April 02, 2022, 01:04:49 PM
The source of this information states this is ED notice while the picture looks more like an Income tax notice. But coming to the fact, this can't be recent, if it is recent then this is fake because IT department cannot reopen cases from 2012-13, this will become a time-barred assessment, moreover, even if the IT department opens up any case, it can request information only of a certain year, it cannot go beyond that very year, if it has to go then it has to open up the cases of the other years as well and for which he must be having solid grounds of misreporting of Income. I think this is fake only, also since last couple of years we are getting notices via the income tax portal only because of introduction of E-assessment this might be very old if it's true.
April 02, 2022, 12:17:07 PM
It has been reported in Crypto India Community that people, who were involved with Crypto in FY 2012-13 period, are getting IT notice. I'd like to know if anyone from here has also got such notice? If yes, did not you pay taxes on your Crypto sales proceeds at that time?
Source: https://www.reddit.com/r/CryptoIndia/comments/tugwjk/pic_of_ed_notice_for_crypto_rcvd_by_someone/
Source: https://www.reddit.com/r/CryptoIndia/comments/tugwjk/pic_of_ed_notice_for_crypto_rcvd_by_someone/
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