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BTCC / BTCC Square / Global Cryptocurrency /
Income Tax Department Takes Strict Action Against Undisclosed Crypto Income

Income Tax Department Takes Strict Action Against Undisclosed Crypto Income

Author:
Global Cryptocurrency
Published:
2025-06-24 13:49:01
9
1
BTCCSquare news:

The Income Tax Department of India has escalated its enforcement measures against individuals failing to report cryptocurrency transactions. Leveraging its NUDGE framework—Non-Intrusive Usage of Data to Guide and Enable—authorities are issuing notices backed by blockchain-traced transaction records. Taxpayers who traded, held, or mined crypto face penalties for non-compliance, even if TDS was deducted under Section 194S.

Legal experts confirm undisclosed crypto income in FY 2023-24 ITRs triggered the crackdown. Search operations have resulted in hardware wallet seizures, signaling heightened scrutiny. "Transactions with TDS deductions but omitted from filings are now under the microscope," notes Ravi Sawana of Lakshmikumaran & Sridharan.

|Square

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