Virtual Digital Assets: Income Tax of Rs 705 cr paid in FY23, FY24

The Indian government collected Rs 705 crore in taxes from Virtual Digital Asset (VDA) transactions during FY23 and FY24. The Income Tax department detected Rs 630 crore in undisclosed income from VDA transactions through search and survey operations. The CBDT launched a campaign to encourage accurate reporting of VDA transactions and is analyzing TDS and ITR filings to identify discrepancies.