Overview
- CBDT directed income-tax investigation wings across cities to submit progress reports by October 17 as part of the ongoing inquiry.
- The probe targets profits from fiscal years 2022–23 through 2024–25 and potential non-disclosure of foreign-held digital assets under Schedule FA.
- Investigators are analyzing Binance peer‑to‑peer activity that matched Indian buyers and sellers with settlements via bank transfers, Google Pay, or previously cash.
- Authorities are also reviewing funding routes including the Liberalised Remittance Scheme and informal networks such as hawala to track flows into offshore exchange accounts.
- Non-compliance risks reassessment and penalties under Section 270A, possible action under the Black Money Act, and taxpayers retain the option to file updated returns at additional cost.