A crypto trader from Lucknow reportedly received an ₹88 lakh tax notice despite investing only ₹9.6 lakh and declaring a ₹3.3 lakh loss from Bitcoin trading. The issue was not his final profit or loss, but the total transaction volume, which crossed ₹80 lakh through repeated crypto swaps, wallet transfers, and exchange activity. India’s tax system now tracks crypto at the transaction level using exchange data, TDS records, AIS reports, bank statements, and ITR filings. The case highlights how mismatched disclosures or incomplete records can trigger scrutiny even when traders lose money overall.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
CryptoUK has submitted recommendations to the Financial Conduct Authority over the UK’s upcoming crypto regulatory…
BitMine added 111,942 Ethereum last week, increasing total holdings to 5,390,404 ETH, about 4.47% of…
Strive Asset Management purchased an additional 1,109 Bitcoin for about $85.4 million, paying an average…
Strategy repurchased $1.5 billion of its convertible notes at an 8% discount, reducing total convertible…
Ark Investment CEO Cathie Wood says the recent Bitcoin market dip has opened up a…
The AI crypto narrative has started regaining momentum once again as several AI-focused cryptocurrencies witnessed…
