Close Menu
Buzz NewsBuzz News
    Facebook X (Twitter) Instagram
    Trending
    • Visa, Mastercard race to tame $253bn crypto threat
    • Early investor Banga to sell 2% in Nykaa
    • Tyre exports hit record high of 25k cr in FY25 | India News
    • Zero tariffs for US: Donald Trump announces trade deal with Vietnam; latter subjected to 20% duty
    • Tesla EV sales plunge! 13% drop in three months; anti-Elon Musk sentiment harms
    • Where are silver prices headed? Rich Dad Poor Dad author sees ‘explosion’ in July; here’s the outlook
    • Prada Kolhapuri ‘scandal’: How the controversy sparked a big surge sales of this Indian sandal; centuries-old craft sees boost
    • RBI floating rates savings bonds: Interest rate at 8.5% for July-December 2025; here’s what you should know
    • What is Donald Trump’s net worth? Billionaire US President has a big portfolio of cryptocurrencies, stocks & more – top details
    • Whopping $82.3 billion cost? Donald Trump’s tariffs may hit US employers in a big way, says JPMorganChase Institute analysis
    Buzz NewsBuzz News
    Thursday, July 3
    • Home
    • Cryptocurrency
    • Investment Tips
    • Finance
    • Home Insurance
    • Market News
    • Life Insurance
    Buzz NewsBuzz News
    Home»Investment Tips»CBDT probes ‘evasion’ via crypto investments
    Investment Tips

    CBDT probes ‘evasion’ via crypto investments

    BuzzNewsBy BuzzNewsJune 14, 2025No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    CBDT probes ‘evasion’ via crypto investments
    Share
    Facebook Twitter LinkedIn Pinterest Email Telegram WhatsApp Copy Link

    CBDT probes ‘evasion’ via crypto investments

    Several ‘High-Risk Persons’ Under Lens For Not Complying With I-T Act ProvisionsNEW DELHI: The Central Board of Direct Taxes (CBDT) has launched an investigation against several “high-risk persons” who were allegedly evading taxes and laundering unaccounted funds by investing them in cryptocurrency. These entities and individuals, who were identified for verification and scrutiny, were allegedly involved in Virtual Digital Asset (VDA) transactions and did not comply with the provisions of the Incometax Act, sources said.Three years ago, finance minister Nirmala Sitharaman got parliamentary approval to amend the law to mandate a flat 30% tax, along with the applicable surcharge and cess, on income arising from VDA transfer. The law also bars the deduction of any expenses, except the cost of acquisition. Neither is the set-off of losses on these investments or trading allowed, nor is it permitted to carry forward the losses. The review of VDA returns pertains to 2022-23 and 2023-24.The income tax department’s data analysis has shown that a large number of persons violated provisions of the Income Tax Act by not filing the details of VDA in their returns, not paying tax on the income, or claiming cost indexation. CBDT has already sent emails to thousands of individuals, asking them to review their returns and update the income arising out of VDA transactions, sources said.The move is part of the recent “nudge” philosophy of the department, hoping that the emails will do the trick and action will be taken against only those who do not respond to the communication or do not correct their returns. While govt is yet to recognise cryptocurrency as an asset class, it decided to impose a flat 30% tax on VDAs, along with 1% tax deducted at source (TDS) on the sale consideration. This drew a lot of adverse comments from the crypto lobby, which stated that exchanges would shut down and trading would move out of the country and operate through illegal means.There has also been lobbying for recognising crypto as an asset, even as govt believes that there needs to be a global push for cross-border regulation. Govt is expected to issue the long-awaited consultation paper soon.

    Screenshot 2025-06-14 083246

    .

    CBDT Crypto evasion investments probes
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleRupee tumbles 55 paise to 86.07 against US dollar on oil spike, Israel-Iran conflict jolts markets; foreign fund outflows deepen
    Next Article Nippon Steel–US Steel deal approved: Trump signs executive order; contingent on compliance with security agreement
    BuzzNews
    • Website

    Related Posts

    Visa, Mastercard race to tame $253bn crypto threat

    July 3, 2025

    Early investor Banga to sell 2% in Nykaa

    July 2, 2025

    Tyre exports hit record high of 25k cr in FY25 | India News

    July 2, 2025

    Leave A Reply Cancel Reply

    Recent Posts

    Visa, Mastercard race to tame $253bn crypto threat

    July 3, 2025

    Early investor Banga to sell 2% in Nykaa

    July 2, 2025

    Tyre exports hit record high of 25k cr in FY25 | India News

    July 2, 2025

    Zero tariffs for US: Donald Trump announces trade deal with Vietnam; latter subjected to 20% duty

    July 2, 2025

    Tesla EV sales plunge! 13% drop in three months; anti-Elon Musk sentiment harms

    July 2, 2025
    Our Picks

    Bitcoin Remains Above $60,000, Bittensor Becomes Top Gainer

    August 23, 2024

    Prospects For Cryptocurrency Development In South Asia

    August 23, 2024

    Trump announces The DeFiant Ones, a new cryptocurrency platform

    August 23, 2024

    Hackers use McDonald’s Instagram account to steal $700,000 in cryptocurrency scam

    August 22, 2024
    About

    Welcome to BuzzNews, your go-to source for the latest in insurance and finance news. Our mission is to provide you with accurate, timely, and insightful information to help you make informed decisions. From life insurance to personal finance, market news to investment tips, we cover a wide range of topics to keep you updated and knowledgeable.

    Popular Posts

    Visa, Mastercard race to tame $253bn crypto threat

    July 3, 2025

    Early investor Banga to sell 2% in Nykaa

    July 2, 2025

    Tyre exports hit record high of 25k cr in FY25 | India News

    July 2, 2025
    OUR CATEGOIRES
    • Cryptocurrency
    • Finance
    • Health Insurance
    • Home Insurance
    • Investment Tips
    • Life Insurance
    • Market News
    Copyright © 2024. BuzzNews. All Rights Reserved.
    • Sitemap
    • DMCA
    • Terms and Conditions
    • Privacy Policy
    • Contact Us
    • About Us

    Type above and press Enter to search. Press Esc to cancel.