India issues 44,000 tax notices, finds $104M in undisclosed income
India’s Income Tax Department has issued over 44,000 notices related to virtual digital assets (VDA) and identified $104 million in undisclosed income.
The department requires exchanges, custodians, and wallet providers to submit user-level transaction data for automated cross-checking against investor filings.
VDA gains are taxed at 30%, while eligible transfers are subject to a 1% tax deducted at source.
Investors must report each trade, swap, and disposal under Schedule VDA.