Crypto-Asset Reporting Obligations u/s 509 of the Income tax Act, 2025 Guidance Note
Foreign Tax & Tax Research Division release on 24.07.2026 the Guidance Note on Crypto-Asset Reporting Obligations u/s 509 of the Income tax Act, 2025.
Tag: Crypto currency
Taxman Sets Out to Draw up a Crypto Code
India’s apex tax body has asked the cryptocurrency players whether the country needs a new law on virtual digital assets (VDA), which agency should administer such a statute, and whether the present tax regime has driven out traders and businesses to foreign shores.
Govt collected Rs 437 crore as income tax from crypto in FY24, up 63% from FY23
The government collected Rs 437.43 crore as income tax on gains from cryptocurrencies – or Virtual Digital Assets (VDA), as they are called legally – in 2023-24, up 63 per cent from the previous year, the Finance Ministry said on…
Bybit Imposes 18% GST on Indian Users Amid Tax Crackdown
Bybit, a prominent cryptocurrency exchange, has announced that it will impose an 18% Goods and Services Tax (GST) on service and trading fees for all its users in India. This decision, effective from July 7, 2025, comes as part of a broader tax crackdown on the cryptocurrency industry in India.
Income Tax Department investigating evasion from crypto assets
The Income Tax Department is investigating tax evasion and laundering of unaccounted income by high-risk persons through investments in virtual digital assets (VDAs) after its data analytics showed “significant violations” of income tax rules by individuals in transactions involving crypto…
Tax yr, crypto, salary deductions: What you should know about New Tax Bill
The new Income Tax Bill, set to come into force on April 1, 2026, introduces a significant overhaul to India’s taxation framework, aiming for simplicity and clarity. The old Income Tax law, spanning over 800 pages with complex language and numerous provisions, has now been trimmed down to just 622 pages. Redundant sections have been eliminated, and fragmented provisions consolidated into more straightforward chapters. For example, provisions for non-profit organizations, previously scattered across multiple sections, are now unified into one chapter.
Crypto income: Budget 2025 tightens crypto transaction monitoring, other tax norms
Budget 2025 has tightened the norms for taxpayers engaged in cryptocurrency trading. Budget 2025 has put virtual digital assets such as cryptocurrency and NFTs, which will now be part of undisclosed income, attracting higher tax rates. Further, disclosure requirements have been widened for taxpayers having income from crypto trading according to The Times of India report.
Can you avoid 30% capital gains tax on sale of cryptos? Here’s all about the new Income Tax Appellate Tribunal order
A Jodhpur bench of Income Tax Appellate Tribunal (ITAT) recently ordered that the gains on cryptocurrencies sold before 2022 will be treated as capital gains and not as income from other sources. This is believed to hold a lot of significance as the capital gains (both…
Bitcoin, NFTs taxation: Invested in cryptocurrencies? Here’s how you will be taxed at buying, selling
The Income Tax Appellate Tribunal (ITAT), Jodhpur, recently clarified the taxation of cryptocurrencies by ruling that profits from crypto sales should be considered as capital gains, rather than income. This decision came as a result of a case involving a former Infosys employee who successfully challenged the Income Tax Department’s classification of Bitcoin as income.
ITAT ruling: Cryptocurrencies now recognised as capital assets for taxation
In a landmark ruling, the Income Tax Appellate Tribunal (ITAT) in Jodhpur has provided clarity on the tax treatment of cryptocurrencies in India. The decision, which recognises cryptocurrencies as capital assets, impacts how gains from cryptocurrency sales are taxed, especially for transactions that occurred before the government introduced specific regulations for Virtual Digital Assets (VDAs) in 2022.