CBDT Warns 44,000 Taxpayers on Rs 888 Cr Undisclosed Crypto Income; ED Seizes Rs 4,190 Cr

• CBDT uncovered Rs 888.82 crore in undisclosed income from virtual digital assets (VDAs), including cryptocurrencies and NFTs.
• Over 44,000 taxpayers received warnings from CBDT's "NUDGE" program for not reporting VDA income in their ITRs.
• The Enforcement Directorate (ED) seized Rs 4,190 crore in cryptocurrency cases, declared one person a fugitive, and arrested 29.
• Gains from VDAs are taxed at 30% (plus cess/surcharge) with a 1% TDS; non-declaration can result in a 60% penalty.
• Taxpayers must report VDA income using Schedule VDA in ITR-2 or ITR-3, detailing acquisition cost, proceeds, and TDS.

Why It Matters: Indian crypto investors face tax scrutiny and penalties for undisclosed income.