The Income Tax Department has started tightening its grip on undisclosed crypto profits, targeting over 400 wealthy individuals across India who allegedly hid their digital assets on Binance, the world’s largest cryptocurrency exchange, between 2022-23 and 2024-25.
These individuals, according to sources familiar with the matter, failed to declare profits earned from trading virtual digital assets (VDAs) and parked significant holdings in offshore Binance wallets.
Acting on instructions from the Central Board of Direct Taxes (CBDT), investigation wings in several cities have been asked to submit their reports by October 17.
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