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Undisclosed crypto income: Respond to taxman's notice, file revised return
Himali Patel
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The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails.
How evasion is detected
The department gathers data on cryptocurrency activity from several sources. 'Reporting agencies such as cryptocurrency exchanges and banks are obligated to report transactions through the Statement of Financial Transactions (SFT) to the tax department. Since July 1, 2022, TDS deduction is applicable on crypto transfers, which serves as a direct reporting to the I-T
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