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of <h1>Obligations for prescribed reporting entities to report and correct crypto-asset transaction data to income-tax authority</h1> A prescribed reporting entity must submit, in the prescribed form, period and manner, information on crypto-asset transactions to the designated income-tax authority. If the authority finds the statement defective, it must notify the filer and allow rectification within 30 days (or extended period), failing which the information is treated as inaccurate. If the statement is not filed on time, the authority may serve a notice requiring filing within 30 days. If a filer discovers an inaccuracy after submission, they must notify and correct it within ten days. The government may prescribe registration, recordkeeping, and due-diligence rules for identifying crypto-asset users; 'crypto-asset' is as defined in the Act.
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