India Probes Binance Unit, Foreign Mobile Firms For Tax Evasion

Indian tax authorities have intensified a crackdown on alleged tax evaders, benefiting from big data analyses that makes it easier to spot compliance gaps and as revenue pressure looms before the end of the financial year in March.

The goods and services tax authority in Mumbai is investigating cryptocurrency exchange Binance’s local unit WazirX after it discovered alleged tax evasion of over 400 million rupees ($5.4 million). In a separate investigation, income tax authorities on Dec. 21 conducted nationwide searches on some unidentified foreign-controlled mobile hand-set manufacturers and found two firms inflated expenses and made unsupported remittances of more than ...