Income Tax Department Takes Strict Action Against Undisclosed Crypto Income
The post Income Tax Department Takes Strict Action Against Undisclosed Crypto Income appeared on BitcoinEthereumNews.com. The post Income Tax Department Takes Strict Action Against Undisclosed Crypto Income appeared first on Coinpedia Fintech News The Income Tax Department of India has launched a major crackdown on individuals who failed to report their cryptocurrency income. Thousands have received notices, and this time, the department is armed with actual data and transaction records through its NUDGE framework (Non-Intrusive Usage of Data to Guide and Enable). If you’ve traded, held, mined, or received crypto in any form, here’s how to stay compliant and avoid penalties. Why Are Crypto Users Receiving Tax Notices? In the past, the tax department sent bulk emails urging people to update their income tax returns (ITR). Now, thanks to advanced data analytics and blockchain tracing, the government is targeting those who have not reported crypto income, despite TDS being deducted under Section 194S of the Income Tax Act. According to Ravi Sawana, Partner at Lakshmikumaran & Sridharan: “Transactions in cryptocurrencies on which TDS has been deducted under Section 194S have not been declared in the ITR for FY 2023-24. Hence, taxpayers are being asked to update their filings.” Search and Seizures Conducted for Crypto Tax Evasion Some individuals have already experienced search and seizure operations. In several cases, hardware wallets were confiscated. Priyanka Jain, Partner at Vsih & Associates, explained: The department invoked Section 131 of the Income Tax Act to search premises. Officials requested full disclosure of wallet holdings, mining data, foreign trading, and all transactions. Despite cooperation, a follow-up notice was issued due to the department’s suspicion of underreporting. .article-inside-link { margin-left: 0 !important; border: 1px solid #0052CC4D; border-left: 0; border-right: 0; padding: 10px 0; text-align: left; } .entry ul.article-inside-link li { font-size: 14px; line-height: 21px; font-weight: 600; list-style-type: none; margin-bottom: 0; display: inline-block; } .entry ul.article-inside-link li:last-child { display: none; } Also…
The post Income Tax Department Takes Strict Action Against Undisclosed Crypto Income appeared on BitcoinEthereumNews.com.
The post Income Tax Department Takes Strict Action Against Undisclosed Crypto Income appeared first on Coinpedia Fintech News The Income Tax Department of India has launched a major crackdown on individuals who failed to report their cryptocurrency income. Thousands have received notices, and this time, the department is armed with actual data and transaction records through its NUDGE framework (Non-Intrusive Usage of Data to Guide and Enable). If you’ve traded, held, mined, or received crypto in any form, here’s how to stay compliant and avoid penalties. Why Are Crypto Users Receiving Tax Notices? In the past, the tax department sent bulk emails urging people to update their income tax returns (ITR). Now, thanks to advanced data analytics and blockchain tracing, the government is targeting those who have not reported crypto income, despite TDS being deducted under Section 194S of the Income Tax Act. According to Ravi Sawana, Partner at Lakshmikumaran & Sridharan: “Transactions in cryptocurrencies on which TDS has been deducted under Section 194S have not been declared in the ITR for FY 2023-24. Hence, taxpayers are being asked to update their filings.” Search and Seizures Conducted for Crypto Tax Evasion Some individuals have already experienced search and seizure operations. In several cases, hardware wallets were confiscated. Priyanka Jain, Partner at Vsih & Associates, explained: The department invoked Section 131 of the Income Tax Act to search premises. Officials requested full disclosure of wallet holdings, mining data, foreign trading, and all transactions. Despite cooperation, a follow-up notice was issued due to the department’s suspicion of underreporting. .article-inside-link { margin-left: 0 !important; border: 1px solid #0052CC4D; border-left: 0; border-right: 0; padding: 10px 0; text-align: left; } .entry ul.article-inside-link li { font-size: 14px; line-height: 21px; font-weight: 600; list-style-type: none; margin-bottom: 0; display: inline-block; } .entry ul.article-inside-link li:last-child { display: none; } Also…
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