Income tax notices to taxpayers who do not declare crypto income

Income Tax is also keeping an eye on the income of taxpayers through crypto. For this, during the assessment of the returns for the years 2023-24 and 2024-25, notices have been sent to thousands of taxpayers who have not declared their crypto income in their IT returns. If a taxpayer has earned income through crypto, a rule has been made in Income Tax to pay 30 percent tax and one percent TDS on every transaction. But most people invest black money in crypto currencies. But this too is now being monitored by the Income Tax officials. The number of people investing in crypto has been continuously increasing for some time. Some people are even investing in crypto through USDT. The Income Tax Department has become active after widespread complaints that such people are mostly tax evasion. The Income Tax Department has also started action to find out those who invest in crypto and those who earn huge income from it. Under this, action has been taken against all the taxpayers who have earned thousands and lakhs of rupees from crypto in the last two years but have not shown it in their income tax returns. They have also been given an ultimatum to submit their reply immediately by sending them a notice. Along with this, they have also been asked to deposit the tax amount. However, if the tax amount is not paid, there is a possibility that recovery action will be taken as per the Income Tax rules. So now it has been learned that the Income Tax officials have started full efforts to generate good income for the government through crypto as well. Experts have expressed the possibility that a large amount of black money may also come out through it.

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