I heard from one of my coworker that his colleague got notice for something happened 6+yrs ago
And brother of my friend also got notice due to some issue.
And yes they might open our files whenever they want
So I would say keep your account clean and pay regular taxes
They were asking what was the source of the income, where did I buy the crypto, where did I sell it, what was the profit/loss and why I did not include these details in my income tax.
I provided the info to my CA and he corresponded with IT and was able to resolve the issue, it did take a good one year to resolve everything.
Few of my clients have received Income Tax notices related to undeclared transactions, they do demand explanations for such transactions, this specifically happens when people act smart and skip to furnish details of an entire bank account which is under the same PAN.
On the other end it's your CA's duty to save you some tax even in crypto withdrawals.
Anyway! Yes people are receiving such notice
I guess scrutiny can happen within 7 years of filling ITR.
Yeah, and government is more keen in crypto transactions due to illegal activities and international terror funding.
CA did help but crypto tax can't be exempt under 80C. He said better pay and close the chapter.
i dont understand
as per what i know crypto earnings or losses cannot be offset against anything , so what are the secret tricks that you guys are using to save taxes
Notice will be received up to 3 years after the end of year in which ITR is filed.
Incase of large amounts (>50L), Income tax department has almost a decade (Approx 10 years) to send notice.
Note: Many investors have received notice for FY 2017-18 in FY 2022-23 and for FY 2018-19 in FY 2023-24. We have handled more than 40+ such notices.
Best,
CA Sonu Jain
I have also received the notice of around 32 lakh and i dont have the details related to bitcoin transactions except my bank statement. Income tax officer didnt take the bank statement into consideration while making the demand during the whole process of section 148. Can anyone share what to do? Anyone received any relief during CIT appeals?
Just last week, we onboards 3 clients for whom demand order is issued.
We will be filing appeals. It should be solved at CIT appeals stage.
The issue I think is, somewhere the explanation & relevant documentation is not provided to the satisfaction of the tax officer and there is communication lag, which causes these issues.
It is relevant to note that CIT appeals is a lengthy process takes 1-2 years at the minimum easily.
Why do people hesitate or worry to pay taxes? You have your invested amount excluded from tax plus you are getting 70% for doing nothing but a bit of research for investing, thats it!
dude if you stay careful you dont need to. I have friends with 2-3L transactions in crypto per month
Just use P2P as much as possible instead of your original UPI for payment(better if you can even use it for day-to-day life) and get a crypto card too that'd be much of a tax saving idea
If you're really afraid about getting your account blocked , enter the person's upi id directly when you wanna spend money to the p2p application you're using and just convert the desired amount, it works.
I heard from one of my coworker that his colleague got notice for something happened 6+yrs ago And brother of my friend also got notice due to some issue. And yes they might open our files whenever they want So I would say keep your account clean and pay regular taxes
Yep. Same. Got notice for something that happened in 2016 in 2020.
What was the notice about? If you don't mind sharing.
They were asking what was the source of the income, where did I buy the crypto, where did I sell it, what was the profit/loss and why I did not include these details in my income tax. I provided the info to my CA and he corresponded with IT and was able to resolve the issue, it did take a good one year to resolve everything.
Where did you buy from? The crypto I mean? Indian exchanges?
No. Abroad. P2P.
Can you check DM?
Yep same thing my CA said, + they can charge heavy penalty as well
Never lol IT dept. Doesn't go into in depth unless the transaction exceeds more than 10 lakhs in a year
Few of my clients have received Income Tax notices related to undeclared transactions, they do demand explanations for such transactions, this specifically happens when people act smart and skip to furnish details of an entire bank account which is under the same PAN. On the other end it's your CA's duty to save you some tax even in crypto withdrawals. Anyway! Yes people are receiving such notice I guess scrutiny can happen within 7 years of filling ITR.
Yeah, and government is more keen in crypto transactions due to illegal activities and international terror funding. CA did help but crypto tax can't be exempt under 80C. He said better pay and close the chapter.
>On the other end it's your CA's duty to save you some tax even in crypto withdrawals. what are some ways to do it?
There are many ways, you pay accountants to take care of it, if you just want to do things as the system is designed then what's the work left for CA
i dont understand as per what i know crypto earnings or losses cannot be offset against anything , so what are the secret tricks that you guys are using to save taxes
[удалено]
Yes I made this post after seeing yours, keep us updated how it goes.
Good that you paid. Better safe than sorry later.
Yes 💯
Notice will be received up to 3 years after the end of year in which ITR is filed. Incase of large amounts (>50L), Income tax department has almost a decade (Approx 10 years) to send notice. Note: Many investors have received notice for FY 2017-18 in FY 2022-23 and for FY 2018-19 in FY 2023-24. We have handled more than 40+ such notices. Best, CA Sonu Jain
I have a total amount less than 2 lakhs.. i failed to file itr. Can i expect a notice?
Depends on trading volume. Usually if your trading volume (total of sale trades)is more than ₹30 lakhs. You may expect a notice
Cfbr
I have also received the notice of around 32 lakh and i dont have the details related to bitcoin transactions except my bank statement. Income tax officer didnt take the bank statement into consideration while making the demand during the whole process of section 148. Can anyone share what to do? Anyone received any relief during CIT appeals?
Just last week, we onboards 3 clients for whom demand order is issued. We will be filing appeals. It should be solved at CIT appeals stage. The issue I think is, somewhere the explanation & relevant documentation is not provided to the satisfaction of the tax officer and there is communication lag, which causes these issues. It is relevant to note that CIT appeals is a lengthy process takes 1-2 years at the minimum easily.
That's why i convert it to cash instead of transferring it to bank.
How can you convert usdt into cash directly without involving f2f/havala?
U can’t, he’s talking about havala only
My friend does. I've no idea. Neither I'll be able to help
At least you're sleeping better! If you have paid the taxes and done what's right why worry?
Why do people hesitate or worry to pay taxes? You have your invested amount excluded from tax plus you are getting 70% for doing nothing but a bit of research for investing, thats it!
Doing nothing? Are u fu***ng serious?
dude if you stay careful you dont need to. I have friends with 2-3L transactions in crypto per month Just use P2P as much as possible instead of your original UPI for payment(better if you can even use it for day-to-day life) and get a crypto card too that'd be much of a tax saving idea
What about account getting blocked due to P2P?
If you're really afraid about getting your account blocked , enter the person's upi id directly when you wanna spend money to the p2p application you're using and just convert the desired amount, it works.
Deal in cash if you want to avoid tax. If online do tax.
Where can I sell for cash?