🚨 Unreported Bitcoin? The Taxman Is Watching! CBDT Launches Nationwide Crypto Probe 🕵️♂️
India’s Income Tax Department (CBDT) has launched a major investigation into people and companies hiding their crypto earnings. According to officials, many traders failed to properly report their income from digital assets like Bitcoin $BTC and other cryptocurrencies. Now, the CBDT is connecting the dots using tax filings and data from crypto exchanges to catch those breaking the rules. Under Indian law, profits from crypto must be taxed at 30%, and you can’t claim extra deductions.
CBDT (Central Board of Direct Taxes) is a statutory body established as per the Central Board of Revenue Act, 1963. It is India's official financial action task force unit. It is administered by the Department of Revenue under the Ministry of Finance.
The investigation found a huge number of taxpayers skipping the crypto section (called “Schedule VDA”) in their income tax returns or paying less tax by incorrectly claiming benefits. As a result, the CBDT has flagged thousands of “high-risk” individuals and sent them warnings, urging them to fix their filings ASAP. If they don’t, more scrutiny and legal trouble may follow 👨⚖️. Crypto exchanges have also handed over TDS (tax deducted at source) data, helping authorities identify mismatches.
This crackdown is part of a bigger campaign to encourage voluntary tax compliance under CBDT’s “Trust Taxpayers First” approach. Meanwhile, the RBI has reiterated concerns about the financial risks posed by crypto, as India considers stronger digital asset regulations. So if you’ve made money through crypto and haven’t reported it properly—now’s the time to come clean! 💰⚠️
#India #IndianCryptoCommunity #IndiaCryptoTax
