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Centre may seek crypto log on transactions from banks, exchanges

Sale and purchase of digital assets will reflect in the AIS

Bitcoin
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The I-T department collects information about the income received and material transactions done by an individual from various sources.

Shrimi Choudhary New Delhi
The tax authorities may tell banks and crypto exchanges to report transactions of virtual digital assets (VDAs) as the government begins taxing gains from cryptocurrencies and non-fungible tokens from April 1.

So far, the tax department has relied on voluntary disclosures on transactions of VDAs.

Once implemented, the sale and purchase of digital assets will reflect in the Annual Information Statement (AIS).

The AIS contains details of at least 46 of the financial transactions done by a taxpayer in a financial year.

The move will ensure that the details about VDA-related transactions are available with the authorities on a real-time basis, and there would

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First Published: Mar 24 2022 | 6:10 AM IST

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