https://www.taxtmi.com/news?id=46552 The Income Tax Department has sent electronic nudges to taxpayers with crypto transactions for assessment years 2023-24 and 2024-25, inviting updated ITRs where virtual digital asset income was undeclared. Using data analytics and TDS returns from virtual asset service providers, the department is identifying omissions-particularly missing Schedule VDA entries or improper claims of lower tax/indexation-and may select identified taxpayers for verification or scrutiny. The applicable regime imposes a flat tax with only cost of acquisition allowed as a deduction and disallows set off or carry forward of crypto losses. en-us Fri, 13 Jun 2025 21:46:02 +0530 Fri, 13 Jun 2025 21:46:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=46552 The Income Tax Department has sent electronic nudges to taxpayers with crypto transactions for assessment years 2023-24 and 2024-25, inviting updated ITRs where virtual digital asset income was undeclared. Using data analytics and TDS returns from virtual asset service providers, the department is identifying omissions-particularly missing Schedule VDA entries or improper claims of lower tax/indexation-and may select identified taxpayers for verification or scrutiny. The applicable regime imposes a flat tax with only cost of acquisition allowed as a deduction and disallows set off or carry forward of crypto losses. News - Fri, 13 Jun 2025 21:46:02 +0530 https://www.taxtmi.com/news?id=46552