5 months ago
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The worth of cryptocurrency transactions successful India exceeded ₹51,000 crore successful 2024-25, according to an investigation of information shared with Parliament, representing a 41% summation implicit the erstwhile year.
The data, shared by the Ministry of Finance successful reply to a question successful the Rajya Sabha, shows that the authorities collected ₹511.8 crore arsenic Tax Deducted astatine Source (TDS) connected crypto transactions successful 2024-25. As the complaint of Tax Collected astatine Source (TCS) is 1% connected each transaction, this means the worth of full transactions that twelvemonth stood astatine ₹51,180 crore.
Under the Finance Act 2022, the authorities had introduced a proviso successful the Income Tax Act 1961, which has been retained successful the Income Tax Act 2025, mandating a 1% TDS connected immoderate transportation of Virtual Digital Assets (VDAs) oregon cryptocurrencies.
The authorities had collected TCS worthy ₹221.3 crore successful 2022-23 and ₹362.7 crore successful 2023-24, implying transactions worthy ₹22,130 crore and ₹36,270 crore were conducted successful those 2 years, respectively.
The reply added that the Income Tax Department had conducted survey actions against 3 crypto exchanges operating successful India and recovered non-compliance of the TDS proviso worthy ₹39.8 crore and undisclosed income worthy ₹125.79 crore.
“In summation to the supra hunt and seizure operations nether Section 132 and Survey actions nether Section 133A of the Income Tax Act against assorted entities resulted successful the detection of undisclosed income related to VDA transactions amounting to ₹888.82 crore,” the reply added.
