$3500 Million

worth cryptocurrency transactions till date


10 %

of the world’s total crypto assets held in India


5,000 K

active cryptocurrency traders and investors


500 K

Income tax notices issued to cryptocurrency traders and investors


300 %

penalty for not declaring tax on cryptocurrencies

Quagmire /kwagmʌɪә/ - an awkward, complex, or hazardous situation


Crypto investors and traders have been plagued by regulatory uncertainty in India. As the Indian Government authorities continue to struggle in fundamentally differentiating. Bitcoin from Blockchain, the subcontinent's economy is positioned to lose out on, what is possibly, the century's biggest revolution.

Having added to the fear, uncertainty and doubt, is the ring-fencing notification issued by the RBI, restricting banking access to Indian crypto exchanges. Despite the speed-bump, believers of the Blockchain technology remain undeterred, thanks to which trading volumes have picked up on the Indian exchanges.

Although there isn’t any clarity in tax legislation, the Indian Revenue Authorities are breathing down the necks of crypto traders. It is, therefore, imperative to accurately compute and report any income from cryptocurrencies.


For incomes arising on any Blockchain or cryptocurrency exchange, Quagmire Consulting promises hassle free navigation through the murky waters of Income Tax. So while you invest, trade, mine, run nodes or offer Blockchain solutions, we are happy to take care of your crypto taxes for you.



  • Maintaining and updating crypto holdings/portfolio
  • Advice on possible tax efficiencies
  • Maintaining robust documentation
  • Computation of tax liabilities


  • Ascertaining type of Income Tax Return applicable
  • Accurately reporting different crypto incomes
  • Verification and uploading of Income Tax Return


  • Responding to notices issued by the Indian Revenue Authorities
  • Representing our clients during Income Tax hearings
  • Negotiation and assistance in completion of assessment


There is no explicit ban on holding/trading/investing/dealing in cryptocurrencies.

The only prohibition in place is on banks, regulated by the RBI, from providing banking access/services to any individual or entity dealing in virtual currencies.

Absolutely. It is essential to declare such income in the Income Tax returns and pay tax accordingly.

While investing or trading in cryptocurrencies is not illegal, any income earned thereof on which tax is not paid would be deemed as illegitimate wealth.

Depends upon the nature of activity undertaken with cryptocurrencies. The rate of tax would differ for investors vis-à-vis traders, miners or blockchain businesses.

The Indian Income Tax Department can obtain information on persons/entities holding cryptocurrencies from various sources.

In case a person/entity is found to have evaded taxes, severe penal provisions under the Income Tax Act would become enforceable.


In case you are an Indian Resident, all assets held outside India are required to be disclosed in the Income Tax return. Further, any income earned from such assets shall be chargeable to Income Tax in India. Failure to do so can invite severe penalties under the Black Money and Imposition of Tax Act, 2015.

Quagmire helps maintain a consolidated and up-to-date record of all transactions and incomes earned from any Blockchain or cryptocurrency exchange.

Quagmire comprehensively ascertains any and all tax liabilities, followed by assistance in completing and filing Income Tax Returns.


A notice may be served under several circumstances including non-reporting of income, shortfall in payment of tax or non-disclosure of foreign assets/holdings.

The tax assessment notice shall need to be responded to via personal representation or a written submission.

Quagmire handles end-to-end assessment procedures. All responsibilities of corresponding with the Income Tax Department are handled, ensuring least possible inconvenience to our clients.


Anoush Bhasin


Anoush gained extensive experience in International Taxation while previously working with Deloitte and BMR Advisors. A Chartered Accountant by profession, he is a certified Blockchain expert, an active crypto investor and an evangelist of the Distributed Ledger Technology. He founded Quagmire while following his passion for emerging technologies and the desire to assist clients with Blockchain related compliances.

Ajay Sabharwal

Tax Lead

Ajay brings to Quagmire three decades of extensive experience in the fields of direct and indirect taxation. He is a Fellow Chartered Accountant specializing in individual as well as corporate tax matters. Ajay’s long-standing association with the Indian Revenue Authorities, and knowledge of taxation intricacies and processes make him a key member of our team.

Anuja Agrawal

Legal Counsel

Anuja navigates legal and regulatory challenges and simplifies compliance processes for Quagmire. She is a graduate from National Law University, Delhi and has had valuable experience in the tech sector, with regulators such as the Competition Commission of India, during her association with AZB & Partners. Anuja is standing counsel for Quagmire and advises clients in relation to Foreign Exchange Regulations, KYC compliance requirements, Prevention of Money Laundering Regulations and other corporate laws.

Kaushal Garg

Tech Lead

Kaushal takes on responsibility for everything technology at Quagmire. His belt of achievements include development of online information platforms, financial management software and several mobile applications. He is an ardent preacher of the Blockchain technology and guides clients on infrastructure and implementation related queries.

Anup Bhasin


Anup bestows Quagmire a well-rounded business and operational experience of 30 years in the financial services, knowledge & business process outsourcing industries. He is both a lawyer and Chartered Accountant by profession. He provides strategic advice and operational insights on multiple business aspects to Quagmire.



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