The Indian income tax department issues a notice to some cryptocurrency holders asking for information such as income sources

According to Bitcoin.com, Indian Bitcoin community group IndiaBits recently said on Twitter that the Indian income tax department issued a notice to some cryptocurrency dealers and investors asking for information about the taxpayer's source of income, the cryptocurrency name of the transaction, and the hardware. Information such as the details of the wallet. It is worth noting that the notice also warned that fines will be imposed on those who deliberately evade taxes. Anoush Bhasin, founder of Quagmire, a consulting firm specializing in encrypted tax solutions, said that non-compliance with notices or incomplete/inaccurate information could lead to tax collectors searching and seizing. It further states that if a user purchases and holds an encrypted asset as an investment (ie, operation) for a considerable period of time, it will be classified as an investor and is obligated to pay capital gains tax (at the time of liquidation).