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India’s Income Tax Department has launched a fresh crackdown on potential tax evasion and money laundering tied to virtual digital assets, including cryptocurrencies. According to government officials and local reporting , the department has identified individuals and entities engaging in crypto transactions who failed to comply with the Income Tax Act, 1961. The Central Board of Direct Taxes recently sent emails to thousands of individuals, urging them to review and update their income tax returns if crypto income was misreported or omitted. The initiative is part of CBDT’s broader NUDGE campaign, aimed at encouraging voluntary compliance. This marks the third NUDGE campaign in six months, following earlier drives that focused on foreign asset disclosures and false political donation deductions. Although India does not recognize cryptocurrencies as legal tender, income from VDA transfers has been taxable since April 2022. Under Section 115BBH of the Income Tax Act, crypto income is taxed at a flat 30% without deductions, except for the cost of acquisition. Losses cannot be offset or carried forward. Officials say discrepancies are being uncovered through data analytics, including mismatches between income tax returns and tax deducted at source filings by crypto exchanges, or Virtual Asset Service Providers. Some taxpayers reportedly failed to file the mandatory Schedule VDA or declared crypto income at lower tax rates, while others wrongly claimed deductions. The crackdown comes amid broader concerns over the use of unaccounted income in high-risk crypto investments. While the government is working on a discussion paper to explore regulatory options for VDAs, including a possible ban, it has clarified that taxation does not imply formal approval of cryptocurrencies.

RT @b05crypto: And so it begins. The crazed fundamentalists are coming to ban and burn books. We warned you that you were going to get bats…

EU TO FORCE COMPANIES TO DISCLOSE DETAILS OF RUSSIAN GAS DEALS INCLUDING DATES, VOLUMES, DESTINATION CLAUSES, COMMISSION DOCUMENT SHOWS EU TO REQUIRE GAS IMPORTERS TO PROVE THEIR IMPORTS ARE NOT OF RUSSIAN ORIGIN, COMMISSION DOCUMENT SHOWS EU TO BAN LNG TERMINALS FROM SERVICING

War FUD & WW3 is the new China ban FUD innit 😏

SEC and Ripple ask court for $125 million fine, seeking to end years of litigation Ripple and the U.S. Securities and Exchange Commission (SEC) filed a joint motion with the Federal District Court for the Southern District of New York, requesting the court to lift the ban on Ripple and reach a settlement of $125 million in fines - $50 million to the SEC and $75 million to Ripple. Both parties pointed out that the SEC's view on cryptocurrencies has changed. Since the former chairman stepped down, the agency has withdrawn several investigations and charges, and has also set up a working group to develop a regulatory framework. There are "special circumstances" and modifying the final judgment will help reconcile, avoid appeals and save resources. The motion is the latest development in the nearly five-year legal dispute between the two parties. (The Block)