• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
Indian Tax Authorities Investigate Undeclared Cryptocurrency Income

Indian Tax Authorities Investigate Undeclared Cryptocurrency Income

user avatar

by Giorgi Kostiuk

24 days ago


India’s Central Board of Direct Taxes (CBDT) has launched a large-scale investigation regarding individuals and entities failing to report income from Virtual Digital Assets (VDAs), including cryptocurrencies.

Reasons Behind CBDT's Investigation

The CBDT identified significant non-compliance related to crypto income and sent notices via email, urging recipients to update their Income Tax Returns (ITRs). A senior CBDT official confirmed: "The department has recently sent emails to thousands of defaulting persons to review their ITR and update it if any income on account of VDA transactions has not been properly declared." Undeclared income violates provisions under the Income Tax Act, 1961 and is currently under close scrutiny.

Actions for Crypto Investors

If you’ve received a notice or believe your crypto income is not properly declared, it is recommended to take the following steps: 1. Review your past ITRs for any undeclared crypto gains 2. Gather records of all VDA transactions 3. File an updated return using ITR-U under Section 139(8A) 4. Declare crypto income separately from other capital gains for clarity. Timely compliance can help avoid penalties and formal investigations.

Future Steps by CBDT

The CBDT has clearly stated that this is a final reminder. Those who fail to respond to the notice may be subjected to verification or in-depth scrutiny. CBDT warned: "Those who fail to respond to the nudge may be picked for verification or scrutiny." This action signifies a stricter enforcement environment for crypto users in India. As virtual assets grow in popularity, the tax department is stepping up efforts to ensure transparency and legal compliance.

The CBDT investigation highlights the importance of tax compliance for crypto investors in India. With strict measures implemented by tax authorities, investors must be vigilant regarding their reporting obligations for income from virtual digital assets.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Significant HBAR Rise After Inclusion in Grayscale Fund

chest

HBAR showed a 2% rise following its inclusion in Grayscale's portfolio, replacing Polkadot and indicating growing interest from institutional investors.

user avatarGiorgi Kostiuk

Meme Coin Market Overview: Rising Stars Arctic Pablo, Brett, and Dogwifhat

chest

Analysis of the current state of meme coins including Arctic Pablo, Brett, and Dogwifhat.

user avatarGiorgi Kostiuk

Qubetics Launches $TICS on MEXC and LBank, Enhancing Project Visibility

chest

Qubetics introduces its token $TICS on major exchanges, advancing a decentralized governance approach.

user avatarGiorgi Kostiuk

Tether Makes Strategic Investment in Crystal Intelligence to Enhance Stablecoin Security

chest

Tether invests in Crystal Intelligence to improve measures against fraud involving stablecoins.

user avatarGiorgi Kostiuk

Celestia (TIA) Demonstrates Significant Growth and Market Activity

chest

Celestia (TIA) recorded a 12% increase in a single trading day, reaching $1.67, with trading volume rising by 170%.

user avatarGiorgi Kostiuk

TRON DAO: Leading the Stablecoin Market with $80 Billion USDT

chest

TRON DAO reaches a historic milestone of $80 billion in USDT, capturing 63% of the stablecoin market through integration in Southeast Asia.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.