India's tax authorities crack down on crypto asset tax evasion, over $100 million in unreported income under investigation

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Deep Tide TechFlow News: On June 14, according to Economic Times, India’s 2026 fiscal year crypto tax filing season will impose stricter compliance requirements on investors. Profits from virtual digital assets (VDA) will still be taxed at a 30% rate, and a 1% tax deducted at source (TDS) will also apply. Investors are required to report, transaction by transaction, the records of transactions, exchanges, and dispositions in Schedule VDA.

In addition, the 2026 budget requires crypto exchanges, custodians, and wallet service providers to submit user-level transaction data to India’s tax authorities. The tax system will automatically cross-check this information with the filing details to improve the ability to track undeclared income.

The report says that India’s tax authorities have issued more than 44,000 compliance notices and uncovered approximately 88.8 billion rupees (about $104 million) in undisclosed VDA income, showing that regulatory scrutiny of crypto tax compliance is clearly intensifying.

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