CBDT issues crypto reporting guidance under Income Tax Act 2025
India's tax department (CBDT) just dropped a guidance note for crypto service providers, clearing up how they need to report transactions under the Income Tax Act, 2025.
No new taxes here, just clearer rules on what needs to be reported.
This move also lines up with global standards (OECD's CARF), so India can share crypto tax info internationally and help stop tax dodging.
Service providers must report $50,000 transactions
Crypto assets are now officially defined as a digital representation of value that relies on a cryptographically secured distributed ledger or a similar technology.
Service providers have to report details on big transactions (like retail payments over $50,000) and identify users, even if they're not in India.
Regular folks don't get extra filing work, but you're advised to keep your crypto records tidy and consistent for your own peace of mind.