Report crypto income accurately to avoid mismatch during verification

New tax forms also require accurate reporting of income from intraday trading and retirement benefit accounts

Every year some changes are made to the income tax return (ITR) forms. Taxpayers need to be cognisant of them before they start the process of filing their returns.   

Income from virtual digital assets (VDAs)

The tax authorities have introduced a separate schedule known as “Schedule VDA” in the new ITR forms 2, 3, 5, 6, and 7, respectively, for reporting income from virtual digital assets (VDAs), which include crypto currencies and non-fungible tokens (NFTs). Taxpayers are required to disclose the details of each VDA transaction, including the sale and purchase dates. The purpose is to make it easier