Income-tax notic on crypto

You need to declare the sale proceeds as per form 26AS. Otherwise the TDS claim should be equivalent to the sales ratio.

You need to double check the figures in your tax return to ensure that the total income from digital assets matches the figures in Form 26AS, as this mismatch is the reason for the ITR notice.

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This is a standard 139(9) defective return notice triggered by a mismatch between Form 26AS and Schedule VDA.

Under Section 194S, crypto exchanges deduct 1% TDS on the full sale amount and report the GROSS proceeds to the department, not just your profit. So if you sold crypto worth Rs 5 lakh and had a Rs 1 lakh gain, the exchange reports Rs 5 lakh in Form 26AS.

Schedule VDA in the ITR requires the gross sale consideration, not the net gain. If Form 26AS shows Rs 5 lakh under Section 194S but Schedule VDA shows Rs 1 lakh, the return is flagged as defective.

Two things to fix:

• Report the FULL gross proceeds (total exchange transaction value) in Schedule VDA gross consideration column, not just the gain
• Keep cost of acquisition the same. Net gain and tax do not change. Only the top-line sale figure needs to match Form 26AS.

This [crypto TDS and VDA reporting guide](https://taxgarden.in/blog/section-194s-tds-virtual-digital-assets-crypto-form-26qe-india) has the Schedule VDA reconciliation steps for AY 2026-27.