Income from crypto currencies is now under investigation by the Income Tax Department. The department has sent emails to thousands of individuals who have transacted in crypto currencies but have not mentioned the income from them in their returns. Official sources gave this information on Friday. According to sources, these transactions are related to the assessment years 2023-24 and 2024-25. Income tax department’s eye on income from crypto currencies, sending emails to taxpayers! Income from crypto currencies is now under investigation by the Income Tax Department. The department has sent emails to thousands of individuals who have transacted in crypto currencies but have not mentioned the income from them in their returns. Official sources gave this information on Friday. According to sources, these transactions are related to the assessment years 2023-24 and 2024-25. What’s the matter? The Central Board of Direct Taxes (CBDT) has suspected some high-risk individuals of being involved in tax evasion and money laundering and are using unaccounted income to invest in virtual digital assets (VDA) i.e. cryptocurrencies. The Income Tax Department has sent emails to thousands of defaulters asking them to file updated income tax returns, sources said.
Download Our App:
