Govt collected Rs 437 crore as income tax from crypto in FY24, up 63% from FY23
In a written response to a question in the Lok Sabha on the first day of the Monsoon Session of Parliament, Minister of State for Finance Pankaj Chaudhary said that the tax collected on income from VDAs in 2022-23 was Rs 269.09 crore. This rose to 437.43 crore in 2023-24. Data for 2024-25 is not available yet as the due date for filing income tax returns for the year has not passed, Chaudhary said.
While India at present does not have any law regulating crypto, the government introduced a flat 30 per cent tax on profit generated through the sale of VDAs starting April 2022, with losses made on the sale of these assets not permitted to be set-off against any other income or be carried forward. Later, starting July 2022, a 1 per cent tax deducted at source (TDS) on cryptocurrency transactions came into effect.
'The Government is utilising data analytics tools to trace and detect tax evasion from VDA related transactions. The analysis includes the use of Non-Filer Monitoring System (NMS), Project Insight and internal databases of the Income Tax Department, to correlate available information on VDA transactions with the transactions disclosed in the return of income by the taxpayer,' Chaudhary further said. He added that while VDA transactions filed in income tax returns were not being matched in real-time with information filed by Virtual Asset Service Providers (VASPs), the TDS returns of these service providers and income tax returns filed by taxpayers were being analysed to identify any discrepancies in reporting of crypto transactions.
'Central Board of Direct Taxes has initiated NUDGE (Non-Intrusive use of Data to Guide and Enable) campaign to identify such discrepancies for further action. Under NUDGE campaign suitable communications, to review and update their income tax returns, were issued to all taxpayers who did not report VDA related transactions in their income tax returns, despite tax being deducted at source for such transactions by VASPs, where the quantum of such discrepancy was more than Rs 1 lakh,' Chaudhary said.
The Indian Express had reported last month, quoting sources, that the income tax department is investigating tax evasion and laundering of unaccounted income by high-risk persons through investments in VDAs, with analysis of crypto transaction data showing 'significant violations' of income tax rules. In his response in the Lok Sabha on Monday, the Minister of State for Finance said the government had not made any estimate regarding the projected revenue loss due to under-reporting or misreporting of income from VDA or crypto transactions.
The information from the finance ministry on the income tax collected from crypto comes a day after CoinDCX, one of India's leading cryptocurrency exchanges, disclosed that it had suffered a loss of around $44 million, roughly Rs 379 crore, due to a security breach. Meanwhile, another leading Indian crypto firm WazirX was hit by a cyberattack last year which saw hackers allegedly steal more than $230 million of users' holdings.
According to a December 2024 paper by New Delhi-based tech policy think-tank Esya Centre, analysis of relevant transaction data from December 2023 to October 2024 showed that Indians traded more than Rs 2.63 lakh crore on offshore crypto platforms, which corresponds to Rs 2,634 crore in TDS owed by offshore platforms. According to the think-tank, the total TDS that has not been collected from offshore exchanges since July 2022 possibly exceeds Rs 6,000 crore. Over the next five years, the think-tank projected, total crypto trading by Indians on offshore platforms could lead to more than Rs 17,000 crore of uncollected TDS.
Siddharth Upasani is a Deputy Associate Editor with The Indian Express. He reports primarily on data and the economy, looking for trends and changes in the former which paint a picture of the latter. Before The Indian Express, he worked at Moneycontrol and financial newswire Informist (previously called Cogencis). Outside of work, sports, fantasy football, and graphic novels keep him busy.
... Read More
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
22 minutes ago
- Business Standard
SBI classifies RCom, Anil Ambani as 'fraud'; to lodge complaint with CBI
State Bank of India has classified Reliance Communications along with promoter director Anil D Ambani as 'fraud' and is also in the process of lodging complaint with CBI, Parliament was informed on Monday. The entities were classified as fraud on June 13, 2025 in accordance with the RBI's Master Directions on Fraud Risk Management and Bank's Board-approved Policy on Classification, Reporting & Management of Frauds, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha. "On June 24, 2025, the bank reported classification of fraud to RBI, and is also in the process of lodging complaint with CBI," he said. Further, on July 1, 2025, as part of disclosure compliance, Resolution Professional of RCom informed the Bombay Stock Exchange regarding fraud classification by the bank. The credit exposure of SBI in RCom includes, fund-based principal outstanding amount of Rs 2,227.64 crore along with the accrued interest and expenses with effect from August 26, 2016 and non-fund based Bank Guarantee of Rs 786.52 crore, he said. RCom is undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016. The resolution plan was approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT), Mumbai on March 6, 2020, and NCLT approval is awaited. The bank has also initiated Personal Insolvency Resolution Process under IBC against Anil D Ambani and the same is being heard by NCLT, Mumbai, he said. The bank had earlier classified the account and promoter Anil D Ambani as 'fraud' on November 10, 2020 and filed a complaint with the CBI on January 5, 2021. However, he said, the complaint was returned in view of the 'status quo' order dated January 6, 2021 by the High Court, Delhi. Meanwhile, a Supreme Court judgement dated March 27, 2023 in State Bank of India & Others Vs Rajesh Agarwal & Others case mandated that lenders provide borrowers with an opportunity to represent before classifying their accounts as fraud. Accordingly, he said, the fraud classification in the account was reversed by the bank on September 2, 2023. The fraud classification process was re-run, and the account was again classified as 'fraud' after following the due process as per RBI circular dated July 15, 2024. In reply to another question, Chaudhary said there is no proposal to waive the outstanding agricultural loans under consideration with the Union Government. However, he said, the Union Government has taken several measures to provide relief and to improve the economic conditions of farmers which includes timely and adequate credit through Kisan Credit Card (KCC) under which crop loan of up to Rs 3 lakh is provided at subsidized interest rates under the Modified Interest Subvention Scheme (MISS). It comes with additional incentives for timely repayment, fixation of progressively increased agricultural credit target, issuance of revised Priority Sector Lending guidelines to ensure improved credit flow to the agricultural sector etc. Replying to another question, Chaudhary said the Government of India launched Bima Sakhi- 'Mahila Career Agent (MCA) Scheme' on December 9, 2024. LIC paid Rs 62.36 crore to Bima Sakhis as stipend in FY2024-25, he said. In the current financial year (2025-26), he said, LIC has provided a budget of Rs 520 crore for the scheme, out of which Rs 115.13 crore has been paid up to July 14, 2025. At present, there are 2,05,896 Bima Sakhis in the country. LIC provides opportunities to Bima Sakhis, in furtherance of their career by way of several performance-based incentives. Graduate Bima Sakhis, after completion of 5 years, may participate in the recruitment process for the post of Apprentice Development officers of LIC, upon fulfilling the eligibility criteria, he said. Apart from above, LIC pays stipend to Bima Sakhis for first 3 years from their appointment to support them build a life insurance agency career, he said. The stipend scheme is in addition to their commission pay-outs and is subject to certain performance parameters, he said, adding, the amount of the stipend ranges from Rs 7,000 per month in the first year to Rs 5,000 in the third year. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
22 minutes ago
- Time of India
Delhi: MCD holds 2,333 property tax camps to help citizens avail amnesty scheme benefits
NEW DELHI: The Municipal Corporation of Delhi has organised 2,333 property tax camps across 12 zones to promote tax compliance and provide relief to property owners, its Mayor Sardar Raja Iqbal Singh said on Monday. So far, 59,411 taxpayers have availed the benefits of the scheme, resulting in a collection of Rs 145.19 crore, Singh said. The initiative, aimed at assisting taxpayers in availing the benefits of the Property Tax Amnesty Scheme 2025-26 , known as Sumpattikar Niptaan Yojana (SUNIYO), has already seen participation from over 56,000 taxpayers, the mayor said in the statement. "In view of the encouraging response to the SUNIYO scheme, more property tax camps will be held in the coming days to ensure all eligible citizens can benefit from the amnesty," Singh said. Under the scheme, taxpayers can get a full waiver on arrears -- interest and penalties -- for periods before the financial year 2020-21, provided they pay the principal amount of property tax for the current year (2025-26) and the previous five financial years (2020-21 to 2024-25). Singh urged residents to take advantage of this 'golden opportunity' to clear their dues without penalty or interest. He also announced that the last date to avail a 10 per cent rebate on lump sum property tax payment for the current financial year has been extended till July 31, according to the statement.
Mint
22 minutes ago
- Mint
Eternal share price: Should you buy Zomato's parent stock post-Q1 results 2025?
Zomato's parent company Eternal share price will remain in focus in Tuesday's trading session after the company declared its financial results for the June quarter during the market hours on Monday, July 21. Eternal shares climbed over 7 per cent to close at ₹ 276.50 despite the online food delivery firm posted 90 per cent drop in its net profit. ' This was largely driven by a stellar 70% YoY growth in revenue from operations, which rose to Rs.7,167 crore in Q1 FY26 from Rs.4,206 crore in Q1 FY25,' said Sugandha Sachdeva- Founder-SS WealthStreet. The stock has given significant returns by surging over 30 per cent in 6 months and over 9 per cent in a month despite market volatility. Zomato's parent company posted a 90% year-on-year decline in net profit, falling to ₹ 25 crore in Q1 FY26. Despite the profit drop, revenue from operations surged 70% year-on-year to ₹ 7,167 crore during the quarter. The company's consolidated revenue rose 67% YoY and 22% QoQ to ₹ 7,563 crore, marking the 11th straight quarter of adjusted revenue growth exceeding 50% on a yearly basis. Net order value (NOV) from quick commerce exceeded that of food delivery, pushing the company's total B2C NOV to ₹ 20,183 crore—marking a 55% year-on-year and 16% quarter-on-quarter increase. On an annualized scale, Eternal is approaching the $10 billion mark in B2C NOV, with Blinkit leading as the key driver of this growth. ' Looking ahead, Zomato is well-positioned to benefit from rising digital adoption, an expanding urban millennial base, and growing discretionary spending. The company's robust growth trajectory is underpinned by expanding order volumes, improving unit economics, and consistent margin improvement across key segments,' Sachdeva added. Sachdeva further said that the technical structure indicates that the shares of Eternal had been consolidating between ₹ 255- ₹ 272 levels since early June but the stock has shown a sharp rise post the Q1 results, rising by around 5.64% in the previous session. ' The price structure indicates strong buying interest with bulls in control throughout the session. The stock price is also sustaining above the key 100, and 200 DEMA, indicating a bullish trend. Furthermore, the stock seems to have formed a base at Rs.255 levels from a short-term perspective, while major support rests at Rs.190 mark. However, some cool-off in the stock towards Rs.266-264, could provide a good price point to accumulate Eternal stock, with a near-term target of Rs.305 and then Rs.320. A protective stoploss should be placed at Rs.230 level on a closing basis,' she added. On the other hand, Anuj Gupta, Director, Ya Wealth Research & Advisory, believes the stock might witness some profit-booking in the coming sessions. ' We are expecting some profit booking may be seen in the counter as stock rose more than 30% on last three month. This a time to book profit in eternal stock, it has a strong resistance around 290 to 310 range,' Gupta said. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
