CBDT probes ‘evasion' via crypto investments
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Several 'High-Risk Persons' Under Lens For Not Complying With I-T Act Provisions
NEW DELHI:
The Central Board of Direct Taxes (CBDT) has launched an investigation against several 'high-risk persons' who were allegedly evading taxes and laundering unaccounted funds by investing them in cryptocurrency.
These entities and individuals, who were identified for verification and scrutiny, were allegedly involved in Virtual Digital Asset (VDA) transactions and did not comply with the provisions of the Incometax Act, sources said.
Three years ago, finance minister Nirmala Sitharaman got parliamentary approval to amend the law to mandate a flat 30% tax, along with the applicable surcharge and cess, on income arising from VDA transfer.
The law also bars the deduction of any expenses, except the cost of acquisition. Neither is the set-off of losses on these investments or trading allowed, nor is it permitted to carry forward the losses. The review of VDA returns pertains to 2022-23 and 2023-24.
The income tax department's data analysis has shown that a large number of persons violated provisions of the Income Tax Act by not filing the details of VDA in their returns, not paying tax on the income, or claiming cost indexation.
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CBDT has already sent emails to thousands of individuals, asking them to review their returns and update the income arising out of VDA transactions, sources said.
The move is part of the recent 'nudge' philosophy of the department, hoping that the emails will do the trick and action will be taken against only those who do not respond to the communication or do not correct their returns. While govt is yet to recognise cryptocurrency as an asset class, it decided to impose a flat 30% tax on VDAs, along with 1% tax deducted at source (TDS) on the sale consideration. This drew a lot of adverse comments from the crypto lobby, which stated that exchanges would shut down and trading would move out of the country and operate through illegal means.
There has also been lobbying for recognising crypto as an asset, even as govt believes that there needs to be a global push for cross-border regulation. Govt is expected to issue the long-awaited consultation paper soon.
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