Crypto Transactions Under Stricter Tax Rules: Key Budget Amendments
Finance Minister Nirmala Sitharaman has proposed key amendments in the Budget, making it mandatory to disclose crypto transactions as part of undisclosed income. Virtual Digital Assets (VDAs) like cryptocurrencies will now fall under stricter tax scrutiny, with a 12-month deadline for completing block assessments post-search or requisition. Transfer pricing rules will cover three years to ease compliance for MNCs and Global Capability Centres (GCCs). The Budget also introduces tax relief for small charitable trusts, promotes electronics manufacturing, and allows claiming two self-occupied properties' annual value as nil without conditions.
