India will introduce a tax penalty of up to 70 percent on undisclosed cryptocurrency income: amendments to the Tax Code will come into effect on February 1, 2025, including cryptocurrencies as virtual digital assets 📊

Indian authorities will impose a tax penalty of up to 70 percent on undisclosed cryptocurrency income as part of amendments to the Tax Code. Starting from February 1, 2025, cryptocurrencies will be classified as virtual digital assets, and owners will be required to report their crypto assets to tax authorities. If cryptocurrency profits are not declared within 48 months, a penalty of up to 70 percent of the tax amount and interest will be imposed.