Alert: Now earning from Crypto will make you cry, may get notice of Income Tax
30 percent tax applicable on virtual digital assets
If you have forgotten to file your ITR for the financial year 2023, then the government has given you the opportunity to fill the belated ITR by depositing the late fee. This financial year and the Central Board of Direct Taxes has implemented a 30 percent tax on virtual digital assets. It is very mandatory to mention its benefits in the VDA of ITR.
A new section has been added under 194S
On behalf of the Finance Ministry, it has been said that a new section has been added under 194S in the Income Tax Act 1961. In which one percent TDS will be deducted on the transaction of cryptocurrency, according to tax experts, it was exempted in the last financial year. It is mandatory to mention VDA in ITR in this financial year. Taxpayers who have concealed income from VDA transactions. Those taxpayers can be fined up to 200 percent.
You have to pay late fee under section 234F
You will have to re-fill the ITR Revised i.e. income from cryptocurrency in the ITR. In doing so, you will have to pay a late fee under section 234F, if your income is less than Rs 5 lakh then you will have to pay Rs 1000 and if your income is more than 5 lakh then you will have to pay a fine of Rs 5000.