Budget 2026: Strict Penalties for Non-Reporting Crypto Assets Under New Tax Law
Budget
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Moneycontrol•01-02-2026, 15:51
Budget 2026: Strict Penalties for Non-Reporting Crypto Assets Under New Tax Law
- •Budget 2026 introduces new penalty provisions for non-reporting of crypto assets under Section 509 of the Income Tax Act, 2025.
- •Finance Minister Nirmala Sitharaman announced these measures to ensure compliance and deter inaccurate reporting of crypto transactions.
- •A penalty of Rs 200 per day will be imposed for failure to furnish required statements on time.
- •Providing inaccurate information in crypto asset transaction statements can lead to a penalty of Rs 50,000.
- •These provisions, effective April 1, 2026, aim to formalize tax compliance for crypto exchanges and users, following identified undisclosed income from VDAs.
Why It Matters: Budget 2026 imposes significant penalties for non-compliance and inaccurate reporting of crypto assets.
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