Income Tax Act Amendment: New Reporting Norms for Crypto-Assets Effective April 2026

The Income Tax Act amendment introduces new reporting requirements for crypto assets, which will become effective in April 2026. Taxpayers must now disclose details of crypto transactions, including buying, selling, and holding of digital assets. These changes aim to provide transparency and curb tax evasion in the growing crypto sector. The government has outlined specific compliance norms for taxpayers involved in crypto transactions, ensuring that crypto-related activities are subject to proper documentation. Individuals will also be required to report gains or losses on these assets, making it easier for tax authorities to track and assess the taxation of crypto transactions. This amendment emphasizes the growing importance of regulating the crypto market to prevent misuse and enhance fiscal compliance.