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The Indian cryptocurrency tax audit has revealed around $930 million in unreported income, with a comprehensive strengthening of per-transaction reporting and cross-platform verification set for the 2026 tax season.

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June 14 Update: India’s tightened tax enforcement means cryptocurrency investors will face stricter reporting and compliance rules for the 2026 tax filing season. Misreporting could trigger fines and audits. Under current regulations, crypto gains are subject to a flat 30% capital gains tax, plus a 1% Tax Deducted at Source (TDS) on transactions above a set threshold, with no cross-asset loss offsetting allowed. The 2025 Income Tax Act took effect on April 1, 2026, and its core tax framework remains largely unchanged. On the reporting front: Investors must fill out a dedicated Schedule VDA section in ITR-2 or ITR-3 forms, and provide detailed records for every transaction—including trades, exchanges, transfers, and settlements—instead of just summarizing total gains. Regulatory focus has ramped up sharply: Indian tax authorities will directly pull user-level transaction data from exchanges, custodians, and wallet providers, then automatically cross-check this data against filed declarations. Any discrepancies will flag audits. Key data: India’s tax department has sent over 44,000 notices and uncovered about 88.8 billion rupees (roughly $930 million) in undeclared virtual asset income. It is also combining on-chain analytics tools with international data-sharing systems to boost tracking. Looking ahead: Starting in 2027, India will align with the OECD’s cryptocurrency asset reporting framework to enable automatic cross-border transaction data exchange, with holdings on foreign exchanges coming under gradual regulatory oversight. Common compliance missteps include using the wrong tax form, overlooking airdrop and staking income, and failing to accurately match 1% TDS records. Analysis notes crypto tax compliance is shifting from “retrospective reporting” to “real-time traceability,” requiring investors to maintain year-round meticulous record-keeping.
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There is a discrepancy in the signing schedule of the US-Iran Peace Agreement, Iran says it will not sign on Sunday.

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A whale withdrew 1.5 million TRUMP tokens and transferred them to a new address, worth approximately $3.16 million

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Analysis: 42.6% of Bitcoin's hash rate is concentrated in the United States, and the controversy over mining pool control continues to escalate

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The Israeli Security Cabinet will convene on Sunday to discuss the agreement reached between the United States and Iran.

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