Invested in crypto? Report it in your income tax return as taxmen ‘nudge’ investors
The Income Tax Department (ITD) has sent a communication to thousands of individuals who have undertaken cryptocurrency transactions but failed to reflect this income in their returns, official sources said last week, reported PTI.
These transactions pertain to assessment years 2023-24 and 2024-25, they said.
The department and its policy-making body, the Central Board of Direct Taxes (CBDT), suspect tax evasion and money laundering by certain “high-risk” people who are potentially using “unaccounted” income to invest in virtual digital assets (VDAs), commonly known as cryptocurrency.
What is NUDGE?
Sources told PTI that the I-T Department has sent e-mails to thousands of defaulting people nudging them to file an updated Income Tax Return…
