India's Crypto Crackdown: ₹888.82 Cr undisclosed, ₹4,189.89 Cr seized, 29 arrested

• CBDT detected Rs 888.82 crore in undisclosed income from virtual digital assets (VDAs), including cryptocurrencies and NFTs.
• The Enforcement Directorate (ED) seized or froze VDA-linked proceeds worth Rs 4,189.89 crore in various crypto-related cases.
• CBDT issued 44,507 communications advising taxpayers to report VDA income correctly in their Income Tax Returns.
• ED arrested 29 individuals and filed 22 prosecution complaints under PMLA for crypto-related offenses.
• In India, VDAs are treated as investment assets, not legal tender, and profits from their sale are taxed at a flat 30%.

Why It Matters: Government is enforcing tax compliance on crypto, leading to asset seizures.