https://www.taxtmi.com/acts?id=53876 A new penalty framework is substituted for the existing provision governing statements relating to crypto-asset transactions under the Income-tax Act. Where a person required to furnish such a statement fails to do so within the prescribed time, the prescribed income-tax authority may levy a daily penalty for the period of default. The substituted provision also authorises a separate fixed penalty where the person furnishes inaccurate information and does not correct it as required, or fails to comply with the prescribed due diligence requirement connected with the statement. en-us Tue, 31 Mar 2026 15:51:13 +0530 Tue, 31 Mar 2026 15:51:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=53876 A new penalty framework is substituted for the existing provision governing statements relating to crypto-asset transactions under the Income-tax Act. Where a person required to furnish such a statement fails to do so within the prescribed time, the prescribed income-tax authority may levy a daily penalty for the period of default. The substituted provision also authorises a separate fixed penalty where the person furnishes inaccurate information and does not correct it as required, or fails to comply with the prescribed due diligence requirement connected with the statement. Act-Rules F. Acts / Amendment Acts Tue, 31 Mar 2026 15:51:13 +0530 https://www.taxtmi.com/acts?id=53876