Crypto assets to be included in assessing undisclosed income, says Sitharaman in Budget 

Crypto assets to be included in assessing undisclosed income, says Sitharaman in Budget ByHT News Desk Feb 01, 2025 01:58 PM IST Share Via Copy Link Finance Minister Nirmala Sitharaman has suggested defining ‘virtual digital asset’ as undisclosed income to strengthen cryptocurrency regulations.  Finance Minister Nirmala Sitharaman in her budget speech has proposed that “virtual digital asset” should be included in defining undisclosed income, the latest step by the government to tighten oversight of cryptocurrencies. This move comes amid several reports of unregulated cryptocurrency being used to hide illegal transactions. Representational photo of bitcoin, the most-popular cryptocurency.(Bloomberg) “It is proposed to add the term ‘virtual digital asset’ to the said definition of undisclosed income of the block period,” the Budget document said. “The time-limit for completion of block assessment is proposed to be made as twelve months from end of the quarter in which the last of the authorisations for search or requisition has been executed,” it added. The move comes 2 years after India imposed money laundering provisions on the cryptocurrency sector. The Finance Ministry said in a notice that anti-money laundering legislation has been applied to crypto trading, safekeeping and related financial services. India also has stringent tax rules on the crypto sector, including applying a levy on trading. Amendments Recommended Topics Share this article Share Via Copy Link Cryptocurrency Bitcoin Budget 2025 Info On Black Money Get Current Updates on India News, Weather Today, Latest News and Top Headlines from India along with Budget 2025 Live, Income Tax Budget 2025 Live, Budget Speech Live See More Get Current Updates on India News, Weather Today, Latest News and Top Headlines from India along with Budget 2025 Live, Income Tax Budget 2025 Live, Budget Speech Live See Less [embedded content]