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Jun 14, 2025
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Crypto income on I-T radar; department sends emails to individuals
The Income Tax Department has sent a communication to thousands of individuals who have undertaken cryptocurrency transactions but failed to reflect this income in their returns, official sources said Friday.
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.
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