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Crypto transactions are now under stricter scrutiny by the Income Tax Department. Under the Income Tax Act, cryptocurrencies and NFTs are classified as Virtual Digital Assets (VDAs) and gains from their transfer are taxed at a flat 30% under Section 115BBH, along with applicable surcharge and cess. Additionally, 1% TDS under Section 194S applies on specified VDA transfers.

Tax experts warn that failure to disclose crypto income or mismatches in TDS details with Form 26AS and AIS may trigger notices, penalties, and tax demands. Importantly, losses from crypto transactions cannot be set off against other income heads.

Investors must accurately report details such as acquisition date, transfer date, cost, sale value, gains, and TDS credits while filing ITRs. ITR-2 is generally suitable for investors, while frequent traders may need to file ITR-3.

In a major relief for onion farmers, the Centre has announced procurement of fresh onions at ₹12.35 per kg amid a sharp fall in market prices. Union Agriculture Minister Shivraj Singh Chouhan made the announcement at an event in Satara, Maharashtra, in the presence of Devendra Fadnavis.

The decision comes as onion exports have been impacted due to the ongoing West Asia crisis following the US-Israel airstrikes on Iran, leading to reduced demand and declining prices. Chouhan stated that the Centre has directed NAFED to procure the entire onion stock to support growers and stabilise the market.