India Warns Crypto Investors: Keep Records or Face Potential Tax Notices

Crypto investors in India are being reminded to focus on maintaining accurate transaction records as they file their income tax returns. Tax experts warn that simply filing ITR is not enough to stay compliant with Indian laws.

According to crypto tax experts, investors must keep detailed information about every crypto transaction, including the purchase and sale date, token name, quantity, acquisition cost, rupee value, and transaction fees.

Vikram Subburaj, CEO of Giottus.com, emphasizes the importance of keeping a record of all transactions to create a clear audit trail. He suggests downloading exchange confirmations, annual account statements, bank records, and deposit or withdrawal receipts as essential documents.