Horeen fatima

06/13 20:08

 India’s Income Tax Department has launched a fr

India’s Income Tax Department has launched a fresh crackdown on potential tax evasion and money laundering tied to virtual digital assets, including cryptocurrencies. 
According to government officials and local reporting, the department has identified individuals and entities engaging in crypto transactions who failed to comply with the Income Tax Act, 1961.
The Central Board of Direct Taxes recently sent emails to thousands of individuals, urging them to review and update their income tax returns if crypto income was misreported or omitted. The initiative is part of CBDT’s broader NUDGE campaign, aimed at encouraging voluntary compliance.
This marks the third NUDGE campaign in six months, following earlier drives that focused on foreign asset disclosures and false political donation deductions.
Although India does not recognize cryptocurrencies as legal tender, income from VDA transfers has been taxable since April 2022. Under Section 115BBH of the Income Tax Act, crypto income is taxed at a flat 30% without deductions, except for the cost of acquisition.

#Post To Earn Bonus#Check In to Win a 20g Gold Bar#Claim1,200 USDT in the Monthly Creation Challenge

3分享