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of <h1>New Section 285BAA Requires Crypto Transaction Reporting, Defines Virtual Digital Assets in Income-tax Act 2025-26</h1> The Union Budget 2025-26 introduces a new section 285BAA in the Income-tax Act, mandating reporting entities to furnish information on crypto-asset transactions. This section outlines obligations for reporting entities to submit transaction details, rectify defects in submitted statements, and respond to notices for missing statements. It also allows for correction of inaccuracies in submitted information. The Central Government will specify registration requirements and information maintenance protocols for identifying crypto-asset users. Additionally, the definition of virtual digital assets is expanded to include digital representations of value using cryptographic technology. These changes will be effective from April 1, 2026.
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