🚨 India Tightens the Screws on Crypto Tax Compliance

🇮🇳 India’s Finance Ministry has launched a major crackdown on crypto traders who failed to disclose their Virtual Digital Asset (VDA) income. This marks a new era of enforcement in the country's evolving digital asset landscape.

📩 Under the CBDT's NUDGE initiative, over 44,000 emails & messages were sent to individuals flagged for crypto activity not reported in their tax filings.

🔑 Key Figures:

• ₹705 crore (~$80M) collected from VDA taxes (FY23–FY24)

• ₹630 crore (~$75M) in undisclosed crypto income uncovered via raids and surveys

⚠️ Enforcement measures include:

• Reassessment notices

• Seizure operations under the Income Tax Act, 1961

🌐 While India still lacks a comprehensive regulatory framework for crypto, this aggressive stance shows that tax compliance is non-negotiable—even in a gray regulatory zone.

🔍 What this means for the industry:

• Voluntary disclosure is now mission-critical

• Regulatory clarity may still be distant, but tax enforcement is already here

#Crypto #DigitalAssets #VDA #Blockchain #CBDT

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