India Detects Crypto Tax Evasion—Over 44K Notices Sent to Investors
Main Idea
India has detected significant crypto tax evasion, sending over 44,000 notices to investors as part of a data-driven crackdown, resulting in substantial tax revenues and uncovered undisclosed income.
Key Points
1. India's Central Board of Direct Taxes (CBDT) identified tax evasion cases linked to cryptocurrency and virtual digital assets (VDAs), taking action under the Income Tax Act 1961.
2. The CBDT launched the NUDGE campaign, sending 44,057 emails and messages to taxpayers who reported VDA transactions in their income tax returns.
3. Tax on VDA transfers under section 115BBH generated ₹705 crore ($80.50 million) in declared taxes for FY 2022-23 and FY 2023-24.
4. Enforcement efforts revealed approximately ₹630 crore ($71.94 million) in undisclosed income from VDA-related transactions.
5. The government used data from the Non-Filers Monitoring System (NMS), Project Insight, and internal databases to flag inconsistencies in tax disclosures.
Description
India has launched a massive cryptocurrency tax enforcement drive, targeting tens of thousands of investors and uncovering hundreds of crores in hidden income through advanced data-driven surveillance. India Alerts 44,057 Crypto Investors in Sweeping Tax Evasion Crackdown Union Minister of State for Finance Pankaj Chaudhary told Rajya Sabha, the upper house of India’s parliament, in
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