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The new Income Tax Bill, 2025, introduced in Parliament by Finance Minister Nirmala Sitharaman on Thursday, has not altered the scope of "virtual digital assets" (VDAs) but has incorporated the definition proposed in the Finance Bill, 2025. Clarification by the Income Tax Department The income t
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FAQ :
No, the new Income Tax Bill 2025 has not altered the scope of virtual digital assets beyond what was proposed in the Finance Bill 2025. The Income Tax Department has confirmed this in its recent FAQs.
The Finance Bill 2025 proposed an expanded definition of VDAs to explicitly include crypto assets, defined as any digital representation of value using cryptographically secured distributed ledger technology (DLT) or similar mechanisms.
The expanded definition of virtual digital assets, along with the proposed new crypto asset reporting framework, will take effect from April 1, 2026.
The new Income Tax Bill 2025 expands the definition of 'undisclosed income' for search and seizure proceedings to explicitly include virtual digital assets, aiming to tighten tax enforcement.
The aim is to align India's tax laws with frameworks like the OECD's Crypto-Asset Reporting Framework (CARF), promoting global compliance and strengthening the sector.
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