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

According to Odaily Planet Daily, Indian tax authorities are investigating more than 400 high-net-worth Binance traders for suspected tax evasion in 2022-23 and 2024-25. The Central Board of Direct Taxes has given city departments a deadline of October 17 to report on any related actions.

Cryptocurrency users in India are subject to a 1% withholding tax on every cryptocurrency transfer (which is added to the final bill), plus a 30% profit tax and surcharges, bringing the maximum tax rate to around 42.7%. ( The Block )