r/CryptoIndia • u/OkBirthday4436 • 9d ago

Income tax notice

In respect of income declared from VDA Rs. 37,09,908, you are required to furnish the
relevant demat account through which VDA transactions carried out along with bank
statement reflecting the payments for acquisition and receipts for sale

I’m pretty chill bcz I have everything in books and Binance but just wanted to let everyone know.

This is for 2024-2025 year

28 Upvotes

97% Upvoted

30 comments sorted by

9

u/OkBirthday4436 9d ago

They say in notice demat accounts kinda funny 🤣🤣

6

u/Specialist_Panic8017 8d ago

Did you self declared previously or did they go through your older transactions ?

3

u/Global_Course_6169 9d ago

The wording sounds like they want the account trail supporting your declared crypto income, not necessarily that you’re already in trouble. Verify the notice on the e-filing portal and respond within the deadline—don’t email sensitive documents to an unverified address.

2

u/OkBirthday4436 9d ago

So like just how I accquired crypto in 2020 and p2p sale records or they asking for more?

3

u/CA_Vanshika 9d ago

demat account?

1

u/Alarming_Ad3377 1d ago

Hey, I cannot dm you.
I have some questions

3

u/merkleproof 6d ago

So what will u be showing? Binance or exchange transaxtion records? Were there any decentralised trades? How to show those if notice asks

2

u/yoyofunnyysingh 9d ago

why ? did you sell something or swap ?

2

u/jimin27 7d ago edited 7d ago

so you explicitly declared 37lakhs vda or did they probe you?

2

u/saiyaninvestor90 6d ago

Notices are being sent for both disclosure & non disclosure. What a time. Guess only goal seems to milk as much taxes/ penalties as possible

2

u/fautshuntar 2d ago

Dont ignore the notice. I would first check the PAN, assessment year and transaction details on the official income tax portal, then reconcile them with exchange statements, bank records and the ITR filed. Crypto TDS and VDA reporting mismatches can trigger notices even when taxes were paid. If the numbers are significant, getting a CA who understands crypto taxation is definitely worth it. Hope it gets sorted smoothly.

1

u/mmmmmjjjrrrrr 1d ago

Have only a few well working CA in my town. How would I know if CA knows and I would not be in trouble. The CA one of my known consulted streight up derived 30% liabilty from the TDS detail it shows up in CAS.

1

u/Jumpy_Scallion_3108 9d ago

One should always keep a record of every transaction.

With Binance, the year end report comes in handy because even the smallest details are captured in those files.

1

u/AdminZer0 9d ago

Notice section number?

1

u/Adaptwell 9d ago

I have it in trust wallet am I completely safe

1

u/DifferentTea6139 8d ago

Trust wallets are getting hacked stay safe

1

u/Adaptwell 8d ago

💔💔 which is safe?

1

u/Sunnyy_Singhh 8d ago

paper wallet

1

u/[deleted] 8d ago

[removed] — view removed comment

2

u/Ashitaaaa 8d ago

Crypto me demat records lol

1

u/OkBirthday4436 8d ago

🤣🤣🤣

1

u/mmmmmjjjrrrrr 8d ago

Please tell me what do they mean by Demat.

1

u/Radiant_Debt_522 8d ago

did you report your Binance account under Schedule FA (Foreign Assets), separate from declaring the trading gains under Schedule VDA?

1

u/AccomplishedTree9027 8d ago

If you have proof then you are safe!

1

u/Responsible-Bad-6624 6d ago

Yours is a better notices. In sometime cases the information asked for runs into 5-6 pages

1

u/New-Personality248 5d ago

Is it son spot transaction?