The post Crypto Tax India Crackdown: CBDT Sends Notices to Thousands for Undeclared Income appeared on BitcoinEthereumNews.com.

The post Crypto Tax India Crackdown: CBDT Sends Notices to Thousands for Undeclared Income appeared first on Coinpedia Fintech News India’s Central Board of Direct Taxes (CBDT) has initiated a large-scale investigation into individuals and entities who failed to report income from Virtual Digital Assets (VDAs), including cryptocurrencies. What Happened? The CBDT has identified widespread non-compliance related to crypto income and has sent notices via email, asking recipients to update their Income Tax Returns (ITRs). “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 (Virtual Digital Asset) transactions has not been properly declared,” a senior CBDT official confirmed. The undeclared income violates provisions under the Income Tax Act, 1961 and is now under close scrutiny. Why CBDT Launched This Probe This enforcement action is part of CBDT’s NUDGE initiative (Non-Intrusive Usage of Data to Guide and Enable) under Section 80GGC. The focus is to detect tax evasion and money laundering in crypto activities. Key triggers for the crackdown include: Large crypto trades not matched with income disclosures Use of undisclosed offshore wallets Crypto profits converted into cash with no tax reporting Lack of foreign asset declaration by traders This action aligns with the Indian government’s efforts to bring transparency to the digital asset ecosystem and combat financial crimes involving crypto. .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 Read :   Crypto Market Faces $190M Liquidation—But Signs Hint at Upcoming Rally   , What Crypto Investors Need to Do If you’ve received a notice or believe your crypto…

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Filed under: News - @ June 14, 2025 2:27 pm