Penalty re Failure to Furnish Statement re Crypto or VDA

Section 460 — - PENALTY RE FAILURE TO FURNISH STATEMENT RE CRYPTO OR VDA

Section 460 of the Income-tax Act, 2025 corresponds to s. 271FAB of the Income-tax Act, 1961.

STATUTORY ARCHITECTURE

INR 200 per day on crypto-exchange or VDA reporting entity for failure to file statement u/s 505 [s. 285BAA].

PRACTITIONER PLANNING NOTES

• Virtual digital asset trading platforms with India operations -- mandatory.

CROSS-REFERENCES

• s. 439 (under-reporting or misreporting -- master penalty).
• s. 440 (immunity application).
• s. 469 or 470 (waiver or reasonable-cause).
• s. 471 or 472 (procedure or limitation).