India Issues 44,000 Crypto Tax Notices, Uncovers $104M in Hidden Income
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India’s Income Tax Department issued more than 44,000 VDA notices and uncovered ₹888 crore ($104 million) in undisclosed crypto income for assessment years 2023-24 and 2024-25, alleging some high-risk users used undeclared funds to buy virtual digital assets. Authorities are cross-checking tax returns with exchange and wallet provider data and running a NUDGE campaign urging amended returns, increasing compliance and reporting pressure on traders and exchanges. The move heightens regulatory and tax risk for crypto participants and could alter market behavior and reporting practices.
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- Authorities issued 44,000+ notices and identified $104M in undisclosed crypto income.
- The action was taken over undeclared income from assessment years 2023-24 and 2024-25.
- Authorities are cross-checking tax returns with exchange and wallet provider data.
India’s Income Tax Department has contacted thousands of crypto investors after identifying discrepancies between trading activity and reported income. According to reports, authorities have already issued more than 44,000 VDA-related notices and uncovered over ₹888 crore ($104 million) in undisclosed crypto income.
Officials suspect some high-risk users may have used undeclared money to buy virtual digital assets. As part of its NUDGE campaign, the department has sent emails asking taxpayers to file updated returns if crypto gains were omitted or reported incorrectly.
The initiative follows the department’…
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