TOUGH TIMES FOR INDIAN CRYPTO USERS đđ¨
Kuldeep (name changed) sold crypto tokens worth âš98,500 via peer-to-peer (P2P) transactions in 2022, making a modest profit of just âš1,500. The transaction was carried out through a centralized exchange, and he received âš100,000 directly into his bank account.
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Recently, he was shocked to receive a notice from the Income Tax Department, flagging the âš1,00,000 deposit. Despite providing screenshots of the trade and official exchange statements as proof, he was asked to pay a 78% penalty â âš78,000 â on just âš1,500 profit.
đ¨đ SAD NEWS FOR INDIAN CRYPTO USERS
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Sadiya Qureshi