Cripto currency
The central government has constantly constantly khilated cryptocurrency. Due to this against this, the government not only imposed a tax of 30 per cent on the earnings from cryptocurrency a few years ago, but also imposed 1 per cent TDS on each transaction. Now the government has earned billions of rupees in two years as tax from the same kiptocharcy. The special thing is that this information has been given in Parliament. Let us also tell you who gave information about it during the Parliament session and the government has said to earn.
705 crores earned
On Tuesday, Parliament was told that during the financial years 2023 and 2024, a tax of Rs 705 crore was paid on the income from virtual digital assets (VDA) transactions. Apart from this, the Income Tax Department detected undisclosed income of Rs 630 crore during the search and survey campaign. In a written reply to a question in Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said that CBDT recently launched a campaign for taxpayers NUDGE (non-interventional use of data for guide and enabling) campaign, under which 44,057 emails and messages have been sent to those selected taxpayers, who had invested in the VDA, but the Return (ITR) but schedule of his income tax The transaction was not reported in VDA.
Undisclosed income of Rs 630 crore
According to Section 115BBH of the Income Tax Act, 1961, the tax was implemented from the tax financial year 2022-23 on the income from the transfer of virtual digital assets (VDA). Chaudhary said that the total tax amount given by taxpayers for FY 2022-23 and FY 2023-24 was equal to Rs 705 crore. Apart from this, during search and seizure campaigns and survey campaigns, undisclosed income of about Rs 630 crore was detected in VDA transactions.
He further said that the Central Board of Direct Taxes (CBDT) has taken several initiatives to ensure accurate reporting and taxation of income from cryptocurrency transactions. Chaudhary said that the ITR filed by TDS Return and Taxpayers filed by Virtual Asset Service Providers (VASP) is also analyzed to identify discrepancies in the reported VDA transactions and appropriate action can be taken.