The Central Board of Direct Taxes (CBDT) has discovered undisclosed income amounting to Rs 888.82 crore from transactions in virtual digital assets (VDAs) — including cryptocurrencies and NFTs — according to its latest disclosures.

In the course of enforcing the “NUDGE" (Non-Intrusive Usage of Data to Guide and Enable) program, the tax authorities have sent over 44,000 letters to taxpayers who were allegedly involved in VDA trades but did not report the accompanying revenue in Schedule VDA of their Income Tax Returns (ITRs).

ED Seizes Rs 4,190 Crore in Cryptocurrency Cases

The crackdown has encompassed more than only tax notice-outs. In accordance with anti-money laundering regulations, the Enforcement Directorate (ED) has declared one person a fugitive economic offender, detained 29 pe

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