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<h1>Income Tax Bill 2025 Clause 509 establishes crypto-asset transaction reporting requirements with 30-day rectification periods</h1> The Income Tax Bill 2025 introduces Clause 509, which establishes reporting obligations for crypto-asset transactions, mirroring Section 285BAA of the Income-tax Act 1961. The provision requires prescribed reporting entities to furnish transaction information to tax authorities within specified timeframes and formats. Key features include a 30-day rectification period for defective statements, notices for non-compliance, and a 10-day window for voluntary correction of inaccuracies. The Central Government receives rule-making powers to prescribe registration requirements, record maintenance standards, and due diligence procedures. Both provisions are substantively identical, differing only in their definitional cross-references. The framework aims to enhance tax compliance, regulatory oversight, and transparency in the crypto ecosystem while addressing challenges like tax evasion and money laundering. Implementation success depends on clear subordinate legislation, technological infrastructure, and compliance capacity of reporting entities.