India’s crypto enthusiasts trading on Binance are discovering that tax authorities are paying attention. The Income Tax department has launched investigations into whether Binance properly collected the 1% Tax Deducted at Source (TDS) on crypto transactions from Indian users.
Over the past few weeks, local Binance investors have been getting notices from the tax office. These notices demand they cough up proof of TDS deductions or give a solid reason why TDS shouldn’t apply to their crypto dealings.