After filing for crypto profits under ₹10k for FY 2023-24 and receiving a defective notice without response, what worst-case outcomes might I face? Will penalty fees grow each year until cleared?
hey, i’m really curious about this situation your facing. i mean, even though i’m not a tax expert, it seems like if you filed correctly and got that notice, the gov’t might be waiting for more confirmation before leveling severe penalties year after year- but i could be off here. perhaps the penalties might stick around if nothing is cleared up, but then again, they might also offer some kind of leniency if its just a filing miscommunication. have you been able to get any follow-up info from the authorities or maybe even hear from any others in a similar boat? i wonder if recent changes in the crypto tax gov policy might shift how these cases are handled. what’s your next step in getting more clarity on this matter?
hey, from what i know if its just a notif, yearly penalty buildup isnt a thing right away. gov might tick things off later, but seems unlikely they’d pile on without more firmer evidence. might be smart to get a tax advisor to double check though.