India’s Income Tax has stepped up its tax queries and raids about cryptocurrency transactions.
Some users have recently been notified about “High Value Transactions” for the assessment year 2023–2024. The user’s computations for cryptocurrency transactions might not be correctly reflected in the Annual Information Statement (AIS).
Any user who received an alert is required to confirm the information by carefully checking the data as it appears in AIS and the ITR that was filed for any errors.
Users who previously filed their returns incorrectly should file an amended return for cryptocurrency income since large-value transactions may result in penalties and interest down the road.
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