India's tax authorities are cracking down on unreported crypto income as part of their efforts to enforce stricter regulations in the country. According to reports, over $104 million in virtual digital asset (VDA) income has gone unreported.
The Income Tax Department has issued more than 44,000 notices related to crypto transactions, and authorities are urging exchanges, custodians, and wallet service providers to comply with new reporting requirements.
Under the new regulations, investors will be required to disclose transaction-level information, including details on each trading, token swap, transfer, and disposal event. This is a significant change from previous reporting requirements, which only asked for overall profits or losses.