India Cracks Down on Crypto Traders, Mass Notices Issued for Unreported Transactions
The post India Cracks Down on Crypto Traders, Mass Notices Issued for Unreported Transactions appeared on BitcoinEthereumNews.com. In a major enforcement action, India’s Income Tax Department has sent out thousands of notices to crypto traders who failed to disclose their transactions in their tax returns. According to a recent statement from the Ministry of Finance, the Central Board of Direct Taxes (CBDT) has identified multiple cases of non-compliant crypto transactions. India Takes Action Against Unreported Crypto Transactions In an official statement released by India’s Finance Ministry, Minister Pankaj Chaudhary stated that the department has taken measures against crypto traders found non-compliant. These measures include reassessment notices and seizure operations under the Income Tax Act, 1961. This major development signals a stricter approach to tax compliance in India’s digital asset space. Notably, the Central Board of Direct Taxes (CBDT) has launched a targeted awareness initiative under its NUDGE campaign. The program intends to boost voluntary compliance within crypto traders by sending 44,057 emails and messages to individuals who traded or invested in Virtual Digital Assets (VDAs) without reporting them in their ITRs. The Finance Minister stated, To create awareness among taxpayers regarding the disclosure of VDA and payment of tax, CBDT has recently launched NUDGE…taxpayers campaign under which 44,057 emails and messages have been sent to select taxpayers who had invested and traded in the VDAs (virtual digital assets) but did not report the transactions in schedule VDA of their… (ITRs). India is yet to establish clear crypto regulations, trailing behind major global economies like the US. However, the government previously indicated plans to reassess its approach to crypto. Further, the Minister of State revealed that the government collected ₹705 crore (about $80 million) in taxes from Virtual Digital Asset (VDA) income between FY23 and FY24. Additionally, raids and surveys uncovered ₹630 crore ($75 million) in previously unreported income from such assets. Crypto Taxation in India While crypto’s…
The post India Cracks Down on Crypto Traders, Mass Notices Issued for Unreported Transactions appeared on BitcoinEthereumNews.com.
In a major enforcement action, India’s Income Tax Department has sent out thousands of notices to crypto traders who failed to disclose their transactions in their tax returns. According to a recent statement from the Ministry of Finance, the Central Board of Direct Taxes (CBDT) has identified multiple cases of non-compliant crypto transactions. India Takes Action Against Unreported Crypto Transactions In an official statement released by India’s Finance Ministry, Minister Pankaj Chaudhary stated that the department has taken measures against crypto traders found non-compliant. These measures include reassessment notices and seizure operations under the Income Tax Act, 1961. This major development signals a stricter approach to tax compliance in India’s digital asset space. Notably, the Central Board of Direct Taxes (CBDT) has launched a targeted awareness initiative under its NUDGE campaign. The program intends to boost voluntary compliance within crypto traders by sending 44,057 emails and messages to individuals who traded or invested in Virtual Digital Assets (VDAs) without reporting them in their ITRs. The Finance Minister stated, To create awareness among taxpayers regarding the disclosure of VDA and payment of tax, CBDT has recently launched NUDGE…taxpayers campaign under which 44,057 emails and messages have been sent to select taxpayers who had invested and traded in the VDAs (virtual digital assets) but did not report the transactions in schedule VDA of their… (ITRs). India is yet to establish clear crypto regulations, trailing behind major global economies like the US. However, the government previously indicated plans to reassess its approach to crypto. Further, the Minister of State revealed that the government collected ₹705 crore (about $80 million) in taxes from Virtual Digital Asset (VDA) income between FY23 and FY24. Additionally, raids and surveys uncovered ₹630 crore ($75 million) in previously unreported income from such assets. Crypto Taxation in India While crypto’s…
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