India's tax watchdog has seized $12.6 million in local currencies from 11 crypto exchanges on allegations of tax evasion, according to India's Minister of State for Finance Pankaj Chaudhary. The published document shows that Indian crypto exchanges such as WazirX, CoinDCX, BuyUCoin and Unocoin were among those that violated tax laws.
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Meanwhile, iHodl reported that the lower house of India's Parliament passed the "Finance Bill" with controversial amendments regarding the taxation of digital assets. The new rules will come into force on April 1. The country's Ministry of Finance earlier reported that when calculating taxes, traders will not be able to offset losses on one digital asset with gains on another. In addition, the law also provides for a 30% tax on cryptocurrency transactions and 1% fees under taxes deducted at source (TDS).
Members of the Indian crypto community tried to oppose the amendments proposed by the Treasury, hoping to soften the provisions on TDS and cryptocurrency transaction tax. However, the parliament did not take their opinion into account.
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