Virtual Digital Assets: Income Tax Of Rs 705 Crore Paid In FY23, FY24
Further, during search and seizure operations and survey operations, undisclosed income detected in VDA transactions amounts to about Rs 630 crore
As much as Rs 705 crore in taxes was paid for income from Virtual Digital Assets transactions during fiscal 2023 and fiscal 2024, Parliament was informed on Tuesday.
Besides, Rs 630 crore worth of undisclosed income was detected by the I-T department during search and survey operations.
In a written reply to a question in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said Central Board of Direct Taxation has recently launched Non-Intrusive Usage of Data to Guide and Enable taxpayers campaign under which 44,057 emails and messages have been sent to select taxpayers who had invested and traded in the VDAs but did not report the transactions in Schedule VDA of their Income Tax Returns.
The tax on income from transfer of Virtual Digital Assets, as per section 115BBH of the Income Tax Act, 1961, was introduced from fiscal 2022-23.
"The total amount of tax offered by the taxpayers for fiscal 2022-23 and fiscal 2023-24 was equal to Rs 705 crore," Chaudhary said.
Further, during search and seizure operations and survey operations, undisclosed income detected in VDA transactions amounts to about Rs 630 crore, Chaudhary added.
He further said that the CBDT has undertaken various initiatives to ensure accurate reporting and taxation of income from cryptocurrency transactions.
"TDS returns filed by Virtual Asset Service Providers and ITRs filed by taxpayers are also analysed to identify discrepancies in reported VDA transactions and appropriate action is taken," Chaudhary noted.
