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Nirmala Sitharaman proposed increasing the reporting compliance burden for crypto startups, and a related penalty framework for non-compliance
Under the proposals, entities dealing in cryptocurrencies and virtual assets could face a penalty of INR 200 per day for non-furnishing of transaction statements and a flat INR 50,000 for furnishing inaccurate particulars or failing to correct them
The FM said the move was meant “to ensure compliance with section 509 of the Income-tax Act,…
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Nirmala Sitharaman proposed increasing the reporting compliance burden for crypto startups, and a related penalty framework for non-compliance
Under the proposals, entities dealing in cryptocurrencies and virtual assets could face a penalty of INR 200 per day for non-furnishing of transaction statements and a flat INR 50,000 for furnishing inaccurate particulars or failing to correct them
The FM said the move was meant “to ensure compliance with section 509 of the Income-tax Act,…
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
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