Quick Summary
The Central Board of Direct Taxes (CBDT) has identified multiple instances of tax evasion linked to investments in cryptocurrency and other Virtual Digital Assets (VDAs), according to a recent statement by the Ministry of Finance in the Rajya Sabha. Responding to Unstarred Question No. 1842, Minist
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FAQ :
The CBDT has detected £630 million in undisclosed income linked to cryptocurrency and other Virtual Digital Asset (VDA) transactions.
The Income Tax Department is employing measures such as reassessment, surveys, and search-and-seizure operations under the Income Tax Act, 1961.
The 'NUDGE' campaign is a targeted awareness initiative by the CBDT to enhance voluntary compliance, involving sending emails and messages to individuals who traded in VDAs but did not report these transactions.
Taxpayers have disclosed a combined total of £705 million in VDA-related income for FY 2022-23 and FY 2023-24.
The CBDT is using technology-driven tools like the Non-Filer Monitoring System (NMS), Project Insight, and internal databases to cross-reference tax filings with reported transactions from Virtual Asset Service Providers (VASPs).
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