• The Finance Ministry, via the Central Board of Direct Taxes (CBDT), revealed that 5,483 taxpayers filed belated income tax returns (ITR) for the 2024-25 assessment year
• Several days ago, ₹630 crore (about $72 million) in hidden crypto income was uncovered via tax audits and search operations across India
• The Income Tax Department also recently seized digital assets worth ₹2.7 crore (around $327,000) from individuals with undeclared crypto holdings

India’s Ministry of Finance has reported uncovering a staggering ₹29,208 crore (approximately $3.33 billion) in hidden foreign assets for 2024-25, along with ₹1,089 crore (roughly $124 million) from undisclosed foreign crypto income.

Via the Central Board of Direct Taxes (CBDT), the authority revealed that 5,483 taxpayers filed belated income tax returns (ITR) for the 2024-25 assessment year. These filings are the reason why the organization found out about the mentioned unreported foreign assets.

The disclosures come from a data-driven “nudge campaign,” where the CBDT matched ITR submissions based on data obtained from foreign jurisdictions. Taxpayers who had not disclosed all of their income recei…

The post Part of a $3.3 Billion Sweep, India’s Tax Man Finds $124 Million in Undeclared Crypto appeared first on Coin Edition.

• The Finance Ministry, via the Central Board of Direct Taxes (CBDT), revealed that 5,483 taxpayers filed belated income tax returns (ITR) for the 2024-25 assessment year
• Several days ago, ₹630 crore (about $72 million) in hidden crypto income was uncovered via tax audits and search operations across India
• The Income Tax Department also recently seized digital assets worth ₹2.7 crore (around $327,000) from individuals with undeclared crypto holdings

India’s Ministry of Finance has reported uncovering a staggering ₹29,208 crore (approximately $3.33 billion) in hidden foreign assets for 2024-25, along with ₹1,089 crore (roughly $124 million) from undisclosed foreign crypto income.

Via the Central Board of Direct Taxes (CBDT), the authority revealed that 5,483 taxpayers filed belated income tax returns (ITR) for the 2024-25 assessment year. These filings are the reason why the organization found out about the mentioned unreported foreign assets.

The disclosures come from a data-driven “nudge campaign,” where the CBDT matched ITR submissions based on data obtained from foreign jurisdictions. Taxpayers who had not disclosed all of their income recei…

The post Part of a $3.3 Billion Sweep, India’s Tax Man Finds $124 Million in Undeclared Crypto appeared first on Coin Edition.