UPDATE: While India has left its restrictive crypto tax regime in place, it is adding a new provision that could impose jail time on tax evaders. amitoj reports:
for non-compliance to the provision around tax deducted at source , according to three attorneys CoinDesk spoke to.
The 1% TDS remains but until now no provision in the law imposed a penalty for failure to comply, if a citizen tried to evade paying the tax or made an incomplete payment. A retailer could argue in court that no penalty is prescribed, getting away with just tax liability. Now a fine equivalent to the tax liability and/or jail time of 3 to 84 months could be imposed in case of non-compliance.
"Penal provisions entail a penalty equal to the amount of TDS deductible and prosecution with rigorous imprisonment for a term not less than three months and which may extend to seven years with fine," he said.
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