Quick Summary
The government has collected Rs 437.43 crore in income tax from cryptocurrencies and other Virtual Digital Asset (VDA) transactions in FY24, marking a significant 62% jump from Rs 269.09 crore in FY23, the first full year since the VDA tax regime was introduced under Section 115BBH of the Income Tax Act. The sharp increase reflects growing taxpayer compliance following the introduction of a flat 30% tax on crypto profits from April 1, 2022. Notably, the regime also disallows any offsetting of V
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FAQ :
In FY24, India collected Rs 437.43 crore in income tax from cryptocurrencies and other Virtual Digital Asset (VDA) transactions.
There was a significant 62% jump in crypto tax collection, rising from Rs 269.09 crore in FY23 to Rs 437.43 crore in FY24.
A flat 30% tax is levied on crypto profits, and losses from VDA transactions cannot be offset against other income or carried forward.
The Income Tax Department uses advanced data analytics tools, including the Non-Filer Monitoring System (NMS) and Project Insight, to match reported income with actual VDA transactions recorded by exchanges.
Yes, taxpayers with discrepancies exceeding Rs 1 lakh have been issued alerts under the CBDT's NUDGE campaign to encourage voluntary compliance.
Yes, the Income Tax Department is conducting nationwide training programmes for tax officials in digital forensics and blockchain analytics to enhance their capacity to investigate crypto transactions.
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