The Inside Story of How India’s Crypto Exchanges Were ‘Inspected’ by Tax Agencies

The Inside Story of How India’s Crypto Exchanges Were ‘Inspected’ by Tax Agencies


BuyUCoin CEO Shivam Thakral claims the exchange was about to pay up its dues in a few days, but tax officials entered its office on Sept. 1, 2021, around 2:00 p.m. They left around midnight, with Rs 1.04 crore (around $140,000) and a small sum of interest and penalties, taking a total of Rs 1.1 crore (around $147,600) in total. The penalty was provided voluntarily, not demanded. Tax officials have not determined the exact amount of penalty since the investigation is still ongoing.

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