Invested in crypto? Report it in your income tax return as taxmen ‘nudge' investors
These transactions pertain to assessment years 2023-24 and 2024-25, they said.
The department and its policy-making body, the Central Board of Direct Taxes (CBDT), suspect tax evasion and money laundering by certain "high-risk" people who are potentially using "unaccounted" income to invest in virtual digital assets (VDAs), commonly known as cryptocurrency.
Sources told PTI that the I-T Department has sent e-mails to thousands of defaulting people nudging them to file an updated Income Tax Return (ITR) if any income on account of crypto transactions has not been declared or mis-declared by them.
This communication is part of the NUDGE (Non-intrusive Usage of Data to Guide and Enable) campaign undertaken by the department with a philosophy of "trust taxpayers first" philosophy.
According to section 115BBH of the Income Tax Act (provided by the Finance Act of 2022), a flat tax rate of 30 per cent (plus applicable surcharge and cess) is levied on income from crypto transfers. The provision does not allow deduction of any expenses except the cost of acquisition.
Further, set-off of losses from crypto investment or trading is not allowed to be set off against any other income or for carry forward to subsequent years.
Sources indicated that data analytics done by the tax department has shown that a "significant" number of people have not filed the Schedule VDA (for crypto) in their ITRs, and such people were offering tax on the income earned at a lower rate or claiming cost indexation.
It is understood that the ITRs filed by taxpayers are being verified by the department with tax deducted at source (TDS) returns filed by various cryptocurrency exchanges (Virtual Asset Service Providers), and the defaulters may be selected for further "verification or scrutiny".
This is the third in the NUDGE series campaign undertaken by the I-T Department and the CBDT, where they gently remind taxpayers about their liabilities.
The previous two were related to seeking correct declarations on foreign assets and income by taxpayers and withdrawal of bogus claims of deduction under section 80GGC of the I-T Act.
Visit here for all personal finance updates
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
29 minutes ago
- Indian Express
Calcutta HC asks Odisha to file affidavit on detention of Bengali migrants
The Calcutta High Court on Wednesday directed the Odisha government to file an affidavit on the alleged detention of Bengali-speaking workers on suspicion of being illegal Bangladesh migrants. Hearing habeas corpus petitions filed by the families of two migrant workers from West Bengal, the Division Bench of Justice Tapabrata Chakraborty and Justice Reetobroto Kumar Mitra directed the Advocate General of Odisha, who had joined the hearing virtually, to submit the affidavit by August 20 and to be physically present in the court. During the hearing, the Division Bench asked the Odisha government's counsel to apprise the court whether the two Bengali migrant workers – Rakhibul Islam Mondal and Sainur Islam, both from Murshidabad – 'were arrested, interrogated, or detained'. Pitambar Acharya, the Advocate General of Odisha government, denied they were arrested and called the petitions 'frivolous'. The petitioners' counsel then informed the court that Mondal and Islam were released by Odisha Police after the High Court's intervention and demanded compensation for 'illegal detention'. 'The detention was illegal and therefore, compensation should be given. Those who have been released have stated that many others like them remained in custody — detained illegally and not produced before a magistrate.' Odisha's AG, Acharya, told the High Court that the documents of the two migrant workers had been verified. 'As per the Foreigners Act, 1946, Section 3, when the citizenship of suspected persons is in doubt, we investigate for lawful verification of documents. People from all over the country come to work here, and lawfully, on suspicion, their documents are verified,' Acharya added. Senior counsel Kalyan Banerjee, appearing for the petitioners, argued, 'There must be some grounds. Only on suspicion, they cannot declare someone a foreigner.' Refuting the petitioners' contention that Bengali-speaking migrants were being targeted, the Odisha AG said: 'Bengalis are our brothers and neighbors. Don't mislead them by saying these things against us. Our Chief Justice is from Bengal. It is not a matter of Bengali or non-Bengali here. It is being verified whether they are citizens of this country or not.' To this, counsel Banerjee countered, 'Then tell me, how many Tamils and how many Gujaratis have been arrested? Why are Bengalis being selectively verified?' The High Court Bench then directed the Odisha government to file an affidavit on the detention. The petitioners were directed to file replies by August 27, before the court scheduled the next hearing on August 29. The Division Bench on July 10 had directed the Odisha government to place before it relevant documents on whether the two had been detained or were missing. They were directed to answer that if detained, whether such detention was in connection with any court's order and the grounds for that. One of the habeas corpus petitions has been filed by Nasima Mondal, mother of Rakhibul, resident of Hariharpara in Murshidabad district. She claimed that her son was detained in Odisha's Jagatsinghpur district on June 25 and was held for more than 24 hours without being produced before a magistrate in violation of his fundamental rights. According to her petition, Odisha Police 'ignored valid documents' in his possession — including Aadhaar, voter ID, and ration card. The petitioner alleged he was targeted for speaking Bengali and suspected of being Bangladeshi, without any proper identity checks. The second petition was filed by Rajjak Sheikh, also from Hariharpara, seeking the release of his son, Sainur. He claimed Jagatsinghpur police detained his son during a similar identity verification drive on June 30.
News18
an hour ago
- News18
Brigade Hotel Ventures mobilises Rs 325 crore from anchor investors ahead of IPO
New Delhi, Jul 23 (PTI) Brigade Hotel Ventures Ltd, owner and developer of hotels in south India, on Wednesday raised Rs 325 crore from anchor investors, a day before its initial share-sale opening for public subscription. The anchor book saw participation from investors, including SBI Mutual Fund (MF), 360 One MF, Axis MF, Motilal Oswal MF, Bandhan MF, Edelweiss MF and Nuvama MF, according to a circular uploaded on the BSE's website. As per the circular, Brigade Hotel Ventures has allotted over 3.6 crore equity shares to 17 funds at Rs 90 apiece. This aggregates the capital raising to Rs 324.72 crore. The initial public offering (IPO) is scheduled to open on Thursday and conclude on July 28. The price band has been set at Rs 85 to Rs 90 per share. At the upper end of the price band, the company is valued at over Rs 3,400 crore. Brigade Hotel Ventures' IPO is entirely a fresh issue of equity shares worth Rs 759.6 crore with no offer-for sale (OFS) component. Proceeds from the issue to the tune of Rs 468.14 crore will be used for the payment of debt; Rs 107.52 crore will be utilised for the purchase of an undivided share of land from the promoter, BEL; and the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes. Earlier this month, Brigade Hotel Ventures raised Rs 126 crore by selling equity shares to 360 ONE Alternates Asset Management. BEL entered into the hospitality business in 2004 with the development of its first hotel, Grand Mercure Bangalore, which commenced operations in 2009. The company has a portfolio of nine operating hotels across Bengaluru (Karnataka), Chennai (Tamil Nadu), Kochi (Kerala), Mysuru (Karnataka) and the GIFT City (Gujarat) with 1,604 keys. The hotels are operated by global marquee hospitality companies such as Marriott, Accor and InterContinental Hotels Group. The company announced that 75 per cent of the offer size has been set aside for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors. JM Financial and ICICI Securities are the book-running lead managers to the issue. Shares of the company are expected to list on the bourses on July 31. PTI SP AMJ AMJ (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 24, 2025, 01:30 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
2 hours ago
- News18
Fake STF officer among 3 held for duping people with fake govt job offers
Bulandshahr (UP), Jul 23 (PTI) Three members of a gang allegedly involved in duping people on the pretext of securing government jobs were arrested in the Bulandshahr district of Uttar Pradesh, officials said Wednesday. The police allegedly recovered mobile phones, forged appointment letters, fake ID cards, recruitment advertisements, and impersonated government uniforms, including caps and belts, from their possession, they said. Superintendent of Police (City) Shankar Prasad said that the gang, comprising Neeraj, Satish, and Himanshu, allegedly used counterfeit appointment letters, identity cards, and recruitment materials to mislead job seekers. They wore fake uniforms resembling those of government departments to appear legitimate. One such case involved duping a man named Gajendra Singh of Rs 15 lakh in the Pahasu area on the promise of securing him a government job, the officer said. During the raid, police seized 20 Aadhaar cards, identity documents, posting and appointment letters, photocopies of bank passbooks, 12 fake posting orders, four character certificates, and other forged paperwork used to carry out the scam, he added. Neeraj has been identified as the gang leader, posing as an STF inspector, according to the police. PTI COR KIS MNK MNK Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
