Rs 437 crore tax collection: For crypto traders, evading income tax is getting difficult as Tax Dept uses AI, data analytics tools

The Income Tax Department is intensifying its scrutiny of cryptocurrency transactions. They are using AI and data analytics to detect tax evasion on virtual digital assets. The government collected Rs 437 crore in taxes from VDA income for FY 2022-23. Discrepancies in reported transactions are being addressed through the NUDGE campaign. Taxpayers may face penalties for under-reporting crypto earnings.

from Tax-Wealth-Economic Times https://ift.tt/Q6sHt0o