I-T Dept Pulls Up Taxpayers For Not Declaring Crypto Transactions

The MoS also said that the government cumulatively collected INR 705 Cr in taxes from VDA income between FY23 and FY24

Raids and surveys blew the lid off an additional INR 630 Cr of unreported income from such assets.

Profits from VDAs are taxed at 30%, along with surcharge and cess. An additional 1% tax is also deducted at source (TDS) on all VDA transactions

The income tax (I-T) department sent out 44,000 emails and messages to individuals for not filing…