Union Budget 2026-27 - Finance Bill, 2026

Section 509 of the Act provide for obligation to furnish information on transaction of crypto-asset. As per the said section, prescribed reporting entity has the obligation to furnish information in respect of transactions in a crypto asset in a statement.

2. To ensure compliance to the provisions of section 509 of the Act and create a deterrence for non-furnishing of such statement or for sharing inaccurate information in such statement, it is proposed to introduce penalty provision. Penalty of Rs. 200 per day for non- furnishing of statement and Rs. 50,000 for furnishing inaccurate particulars and failure to correct such inaccuracy is proposed to be levied.

3. Accordingly, it is proposed to amend section 446 of the Act to provide penalty provisions for non-furnishing of statement and for furnishing inaccurate information in the statement.

4. The amendment will take effect from the 1st day of April, 2026.

[Clause 87]

 

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Full Text:

Union Budget 2026-27 - Finance Bill, 2026

Crypto-asset transaction reporting now attracts Rs.200/day for non-filing and Rs.50,000 for inaccurate or uncorrected statements. Prescribed reporting entities must furnish statements on crypto asset transactions; the Finance Bill introduces a penalty of Rs. 200 per day for non furnishing and a penalty of Rs. 50,000 for furnishing inaccurate particulars and failing to correct them by amending the statute governing penalty provisions.