Based on India's 2026 Budget, penalties under Section 509 target crypto exchanges and reporting entities for late or inaccurate transaction reports (₹200/day late, ₹50,000 for errors).
For individual users, no specific new penalties here. You must report crypto gains (30% tax) in ITR; non-compliance incurs general IT Act penalties like ₹5,000 late fee or 234A interest. Consult a tax advisor for details.
For individual users, no specific new penalties here. You must report crypto gains (30% tax) in ITR; non-compliance incurs general IT Act penalties like ₹5,000 late fee or 234A interest. Consult a tax advisor for details.