India Cracks Down on Crypto Tax Evasion in Enforcement Drive

The Indian Income Tax Department has launched a new initiative to combat potential tax evasion and money laundering related to virtual digital assets (VDAs), including cryptocurrencies. The department has identified individuals and entities engaging in crypto transactions who have failed to comply with the Income Tax Act of 1961. Emails were sent by the Central Board of Direct Taxes (CBDT) to thousands of individuals, urging them to review and update their income tax returns if cryptocurrency income was misreported or omitted.