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CBDT sends emails over undisclosed crypto income in latest NUDGE drive
'The department has recently sent emails to thousands of defaulting persons to review their ITR and update it if any income on account of VDA (virtual digital asset) transactions has not been properly declared. Those who fail to respond to the nudge may be picked for verification or scrutiny,' an official said.
'Using data analytics, the tax department has flagged cases where taxpayers either failed to file the mandatory Schedule VDA in their ITR or declared such income incorrectly by claiming lower tax rates or disallowed deductions such as indexation,' the source said.
According to CBDT sources, the department is also matching income tax returns with tax deducted at source (TDS) returns filed by Virtual Asset Service Providers (VASPs), such as crypto exchanges, to identify discrepancies.
Income from the transfer of VDAs is taxable at a flat 30 per cent under Section 115BBH of the Income Tax Act, 1961, without any deductions except cost of acquisition. Losses from such transactions cannot be set off or carried forward.
This is the third NUDGE campaign by the CBDT in the past six months under its 'TRUST — Taxpayers First' initiative. Previous drives focused on non-disclosure of foreign assets and bogus deductions under Section 80GGC.
The emails have been sent in relation to Assessment Years 2023–24 and 2024–25, based on discrepancies detected in crypto-related disclosures during these periods.
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Given that the due date for filing ITRs for non-audit cases stands at 15th September, 2025, the effective window available for preparation and filing is significantly curtailed. This compressed timeline imposes considerable constraints on tax professionals and return preparers, who are required to compile financial data, ensure accuracy of computations, and file returns within a limited period.'The taxpayers and professionals are encountering intermittent technical issues on the Income Tax e-filing portal that are significantly impacting compliance timelines and of the recurring and prominent issues include:'These technical glitches affect the overall quality and accuracy of filings. It is also making it extremely difficult for tax practitioners to manage multiple clients' compliance requirements within the existing timelines.'The Institute of Chartered Accountants of India (ICAI) has introduced a revised and standardized format for the preparation and presentation of financial statements by noncorporate entities, applicable from the financial year 2024-2025 onwards. This move aims to enhance the transparency, comparability, and reliability of financial reporting across a diverse range of entities, including sole proprietorships, partnerships, trusts, societies, and Hindu Undivided Families (HUFs).The new format provides a standardized vertical layout for the Balance Sheet and Profit and Loss Account, replacing the horizontal ("T-form") presentation. It mandates the presentation of comparative figures for all line items, including those in the notes, except for the first-year financial statements. It also requires comprehensive disclosures of significant accounting policies, related party transactions, contingent liabilities, and other relevant changes require additional time for preparation, review, and reconciliation, as entities need to adapt to the new structure, ensure proper classification of items and provide detailed disclosures. As a result, the overall timeline for the finalization and filing of financial statements may be extended, requiring entities to plan and execute their financial reporting processes more said: 'Considering the genuine hardships and technical constraints faced by taxpayers and professionals, we humbly request your good self to extend the due dates for ITR filing and Tax Audit Report submissions. Such an extension will ensure proper compliance, accuracy in reporting, and relief from the ongoing difficulties.'
