How ₹9.6 Lakh in Bitcoin Trading Led to an ₹88 Lakh Tax Notice
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A trader who invested about ₹9.6 lakh in Bitcoin and declared a ₹3.3 lakh loss received an ₹88 lakh tax notice after total transaction volume exceeded ₹83 lakh, TaxBuddy says. Only 1.39 lakh of 6.45 lakh traders with TDS in FY23 disclosed crypto income and India has formally classified virtual digital assets as high risk over fraud and trafficking, underscoring regulatory and compliance risk for crypto traders and platforms.
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- ₹88 lakh tax notice followed ₹83 lakh in Bitcoin trading volume despite losses.
- Only 1.39 lakh of 6.45 lakh crypto traders with TDS deductions disclosed crypto income in FY23.
- India formally classified virtual digital assets as high risk, citing fraud and trafficking links.
A crypto trader in India received a tax notice, and the details of what went wrong later sparked a detailed public breakdown from tax advisory firm TaxBuddy that has gone viral across Indian crypto and Web3 communities.
According to TaxBuddy, the trader had invested around ₹9.6 lakh in Bitcoin trading and reported a loss of roughly ₹3.3 lakh. However, after the trader’s total transaction volume crossed ₹83 lakh, tax authorities reportedly issued an ₹88 lakh notice.
The case is not unusual. In FY23, only 1.39 lakh out of 6.45 lakh individuals who had TDS withheld on crypto tra…
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