India Cracks Down on Crypto Taxation with Probe of Binance Users

India’s tax authorities are launching a nationwide investigation into over 400 high-value cryptocurrency accounts linked to the Binance exchange, aiming to identify unreported crypto income and cross-border tax violations. The Central Board of Direct Taxes (CBDT) has issued directives to regional offices to submit their findings by October 17th. This move comes as part of a data-driven crackdown on crypto traders who have been suspected of circumventing India’s stringent tax regime, including a 1% TDS on all trades and a 30% capital gains tax that can reach up to 42% after surcharges.