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of <h1>Income Tax Bill Clause 509: Crypto Transaction Reporting Rules Set, Penalties for Non-compliance Outlined</h1> Clause 509 of the Income Tax Bill, 2025, mandates reporting entities to provide information on crypto-asset transactions to the prescribed income-tax authority in a specified format and timeframe. If a statement is deemed defective, the entity has 30 days to rectify it. Failure to submit or correct statements may result in penalties. Entities must notify authorities of any inaccuracies within ten days. The Central Government will establish rules for registration, information maintenance, and due diligence for identifying crypto-asset users or owners. The term 'crypto-asset' is defined in section 2(111)(d).
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