BREAKING: 🇮🇳 Indian govt set to formally block Polymarket and Kalshi, officials tell ThePrint.

India classified Polymarket as illegal gambling. Your profits didn't disappear, your legal cover did. > India's Ministry of Electronics and IT (MeitY) sent letters to VPN providers on April 25, 2026 warning them of "consequential legal action" for facilitating access to prediction market platforms. > The advisory specifically named polymarket, on may 1, PROGA (Promotion and Regulation of Online Gaming Rules) officially came into effect. > Legal experts confirmed Polymarket and Kalshi clearly fall under its broad ban on "online money games > Polymarket's response? They didn't add India to their restricted countries list, they're - still onboarding Indian users. - still running identity checks. - still processing trades. The platform not blocking you does not mean you're operating legally. It means the legal exposure sits entirely on you, not them. What about your Money > If you made profit on Polymarket from India, you are sitting in one of the most uncomfortable legal positions possible. Here's why. > Polymarket operates on USDC, the Indian Income Tax Department classifies USDC and all prediction market profits under vda, Virtual Digital Assets. That means: - Flat 30% tax on every profit, no exceptions, no distinction between short-term and long-term, no deduction on losses. - If you lost money on 10 trades and won on 2, only the 2 winning trades get taxed. The 10 losses mean nothing. - You file under ITR-2 or ITR-3, schedule vda, line by line, every trade, every date, every transaction. You cannot submit a single "total profit" figure. > Before the new law, SEBI had already warned investors that these platforms offer zero investor protection and are not government overseen. No recourse, no protection, just taxes. When problem will start > If you declare: govt. classified as illegal under PROGA. That paper trail can be referred to enforcement. > If you don't declare: From April 1, 2026, IT Department officers are trained in blockchain forensics and wallet tracing. > Crypto wallet inspection is now permitted during tax raids, any discrepancy above ₹1 lakh between your ITR and exchange records triggers official notices or audits. > Penalties for willful concealment: 20% accuracy penalty, up to 75% civil fraud penalty. and potential FEMA violations for undisclosed foreign crypto income. > Declare and confess. Don't declare and get traced. There is no clean exit once you've traded. The bottom line >Polymarket is a genuinely good product. The technology is real and the volume is massive > a single IPL match on May 7 pulled $27.7 million in combined trading across Polymarket and Kalshi. > But if you're trading from India in 2026, you are in a legal position that is actively closing

This is grossly INCORRECT! The penalty is on the Exchange / Reporting platform and NOT ON A TAX PAYER.

If you haven't declared your crypto assets - penalties at 200/day and 50K for inaccurate reporting

How does the Modi Budget 2026 impact YOU!🤑 Everything you need to know. 1. Filing of Revised returns - Allowed up to March 31 with payment of a fee. 2. Returns of ITR 1 & 2 - 31 July; Others non-august returns (non-audit): 31 August 3. One-time Foreign Asset Disclosure Scheme with payment of 30% tax and 30% more as fee. Penalty immunity. If Income declared in ITR - penalty of INR 1 Lakh only. 4. Appeals - Pre-payment is reduced from 20% to 10% of core tax amount. 5. Updating of ITR (after re-assessment payment) with 10% extra tax. 6. Framework for Immunity from Penalty (misreporting) - Available by payment of 100% tax amount as Fee. 7. Retrospective immunity for non-disclosure of foreign assets (up to INR 20 lakhs) - Extended retrospectively for penalty immunity. 8. Tax year 2027-28 - ICDS will be done away with and will be integrated into IndAS. 9. BUYBACK - Tax being changed back to Capital Gains. Promoters to also pay a certain rate of tax to avoid tax arbitrage. 10. STT on Futures raised to 0.25% to 0.05%. Options raised to 0.15% from 0.1 & 0.125%. 🚨NO MENTION OF CRYPTO TAX Above details are based on what I have heard in the Budget Speech and may not be entirely accurate.

One Trade For Nation | #RepublicDay Special by SunCrypto🇮🇳 From 19th–25th January, 100% of Spot & Futures trading fees on SunCrypto will be donated to 10 verified Shaheed families. 👉Help us maximize the impact! 5 lucky participants who: ✅Like this post ✅Comment ✅Tag 2 friends ✅Repost with #Trade4Nation Will win ₹500 each (random selection). Download SunCrypto Today - Link is in the Bio! #suncrypto #RepublicDay2026 #IndianArmy #Shaheed

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🚨 CRYPTO INCOME TAX NOTICE — READ CAREFULLY 🚨 One of my community members shared this official notice from the Income Tax Department (India). Issued under Section 133(6) of the Income Tax Act. Let’s break it down 👇 📌 What does the notice clearly say? The IT Department already has information that the person received: • ₹1,68,714 — Receipts from transfer of Virtual Digital Assets (Crypto) • ₹2,*8,064 — Winnings from online activities This data is linked to: ✔ PAN ✔ Assessment Year 2024–25 ✔ AIS (Annual Information Statement) Important point: 👉 The department is NOT asking whether you earned. 👉 They are asking you to explain it. That means they already KNOW. 📌 How did the govt get this crypto data? If you still believe “crypto is untraceable”, you’re lying to yourself. Data comes from: • Indian exchanges • KYC-linked platforms • Bank trails • AIS/TIS reporting • On-chain off-chain matching Once PAN is involved, privacy is over. 📌 Why was this notice issued? Simple reasons: • Income received • ITR not properly disclosed or explained • Mismatch between reported income and available data Now the burden is on the taxpayer, not the department. 📌 Most dangerous myth people believe ❌ “I didn’t withdraw to bank” ❌ “I used DEX / foreign exchange” ❌ “Govt can’t track wallets” This notice kills all these excuses in one shot. If it’s reflected in AIS, you are already visible. 📌 What if someone ignores this notice? The notice clearly mentions: ⚠️ Penalty under Section 272A ⚠️ ₹500 per day till compliance Ignoring it doesn’t make it disappear. It only increases cost and trouble. ⚠️ Hard truth (no comfort talk) If you’re earning from crypto and: • Not maintaining records • Not understanding tax rules • Depending on Twitter gurus for tax advice #CryptoTax #IncomeTaxNotice #CryptoIndia #ITR #AIS #IndianCrypto #Web3India #TaxAlert

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