1. The Income Tax Department is issuing alerts around high-value crypto transactions. The matter came to light earlier this week when There has been a rise in income tax-related queries tied to crypto transactions from the income tax department.
2. Essentially, the government is maintaining a strict oversight on all tax-work related to crypto transactions in India.
3. Given the confusion around filing crypto taxes, only about 0.07 percent crypto holders in India paid their taxes last year.
Source: KoinX
Note: 30 % tax is levied on crypto incomes and 1%TDS is deducted on each crypto transaction – aiming to track potential defaulters and suspicious crypto holders
