Indian tax authorities are investigating over 400 Binance users for tax evasion.

Indian tax authorities are investigating over 400 high-net-worth Binance traders for suspected tax evasion during the 2022-23 and 2024-25 fiscal years. The Central Board of Direct Taxes has issued an internal notice directing city departments to report any related actions by October 17. Cryptocurrency traders in India are subject to a 1% withholding tax (included in the final bill) on every cryptocurrency transfer, plus a 30% profit tax and surcharges, bringing the maximum tax rate to approximately 42.7%. (The Block)