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🇮🇳 India Crypto Tax Alert: 148A Notices Begin 🚨
India’s Income Tax Dept has started issuing Section 148A notices for FY 2021–22 crypto transactions.
▫️What’s happening:
• Data is being matched across PAN, exchanges, bank accounts & ITR filings
• System flags mismatches or unreported activity
• Cases are being picked via Insight Portal + risk engines
▫️ Key issue:
• Notices may show inflated “undisclosed income”
• Often based on gross turnover, not net profit
▫️ Why people are getting flagged:
• Didn’t report crypto in FY21–22 (rules were unclear, but reporting was still required)
• No ITR filed for AY 2022–23
• Use of multiple exchanges/wallets causing incomplete data trails
▫️ Important:
148A is NOT a tax demand, it’s a show-cause notice
Crypto is now fully traceable via AIS, KYC, and exchange data sharing, with more notices likely for FY21–22 & FY22–23.
India’s Income Tax Dept has started issuing Section 148A notices for FY 2021–22 crypto transactions.
▫️What’s happening:
• Data is being matched across PAN, exchanges, bank accounts & ITR filings
• System flags mismatches or unreported activity
• Cases are being picked via Insight Portal + risk engines
▫️ Key issue:
• Notices may show inflated “undisclosed income”
• Often based on gross turnover, not net profit
▫️ Why people are getting flagged:
• Didn’t report crypto in FY21–22 (rules were unclear, but reporting was still required)
• No ITR filed for AY 2022–23
• Use of multiple exchanges/wallets causing incomplete data trails
▫️ Important:
148A is NOT a tax demand, it’s a show-cause notice
Crypto is now fully traceable via AIS, KYC, and exchange data sharing, with more notices likely for FY21–22 & FY22–23.
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