India's Tax Authorities Highlight Challenges in Tracking Crypto Income

According to PANews, the Indian Income Tax Department (ITD) has raised concerns during a parliamentary finance committee meeting about the difficulties in tracking crypto income due to foreign exchanges, private wallets, and DeFi tools. These factors are complicating tax enforcement efforts. Despite India imposing a fixed 30% tax rate on crypto profits and a 1% TDS on transfers, the anonymity of cross-border transactions makes it nearly impossible to reconstruct transaction chains. The official stance remains cautious, even as local adoption continues to rise source: https://www.binance.com/en/square/post/34801583196785?utm_source=BinanceNewsRSS