India cracks down on crypto tax evasion with Rs 888 crore uncovered
The Central Board of Direct Taxes (CBDT) recently identified Rs 888.82 crore in income tax evasion from VDA transactions. In response, it sent 44,057 communications to taxpayers who had invested or traded in virtual assets but failed to report them in their Income Tax Returns (ITRs).
The actions by the CBDT and ED signal stricter oversight of virtual asset transactions in India. With Rs 888.82 crore in income tax evasion detected and assets worth Rs 4,189.89 crore seized, authorities are tightening controls. The government continues to push for better monitoring and global cooperation to address challenges in regulating crypto-assets.
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