India’s crypto tax haul jumped to ₹437.43 crore in FY 2023‑24—up 62.5% from the ₹269.09 crore collected a year earlier (Moneycontrol, The Indian Express). This marks the first time New Delhi has publicly broken out crypto tax figures since the 30% flat tax on virtual digital asset (VDA) gains and 1% TDS on transactions over ₹10,000 took effect in 2022 (Moneycontrol).

To clamp down on undeclared trades, the government is deploying advanced data‐analytics tools—NMS, Project Insight, and internal IT Department databases—to pinpoint mismatches between blockchain activity and tax filings. Under the NUDGE initiative, taxpayers who haven’t reported VDAs (despite TDS deductions) receive automated prompts to amend their returns when discrepancies exceed ₹1 lakh (Moneycontrol).

The uptick in revenue and ramped‑up enforcement signal that Indian authorities are serious about closing tax gaps in rapidly evolving crypto markets. Investors should brace for continued scrutiny—and ensure all digital‑asset gains are accurately declared to avoid notices or penalties.

Source: Moneycontrol, “Govt collected Rs 437.43 cr in income tax on cryptocurrencies in FY24, up by 62% YoY”
Credit: Debangana Ghosh
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