When the Finance Minister Nermalla Setharmann went up to present the federation’s budget 2025, not only the financial priorities – she launched a new sulfo in India’s organizational battle against unexplained currency transactions.
Sitharaman has officially suggested that the “virtual digital assets” in definition of unknown income, indicating a decisive shift in the government’s approach to digital currencies.
This step is more than just a tax update. It comes in the wake of concerns related to installation of unorganized cryptocurrencies that are used to hide illegal transactions. According to the new proposal, cryptocurrency currencies will decrease under Article 158 B of the Income Tax Law, a ruling for reporting “unknown income”. This change is not only symbolic – it is the hands of the full forces of government agencies, allowing them to conduct assessments or investigations into non -reported encryption with merchants.
The budget document said, “The term” virtual digital assets “is proposed to the aforementioned definition of the unpopular income during the mass period.
More guns, the government suggested a clear timetable for such investigations. The budget document indicated that “the time specified to complete the assessment of the mass is proposed for a period of twelve months from the end of the quarter in which the latest search or request licenses were implemented.”
This is not an isolated development. Two years ago, India brought the coded currency sector under the anti -money laundering laws. The Ministry of Finance confirmed that these provisions are now applied to the encryption trade, their safe preservation, and relevant financial services. Moreover, the country already imposes strict tax measures on encryption transactions, including commercial fees.
The budget has not made any change on a 30 percent tax on encryption income or 1 percent of encrypted transactions, which was implemented in July 2022. STT.