The Central Board of Direct Taxes (CBDT) has detected undisclosed income of Rs 888.82 crore arising from virtual digital assets (VDAs), which include cryptocurrencies and non-fungible tokens held, invested or traded on blockchain platforms, as reported by Moneycontrol.

The tax department has issued 44,507 communications to these taxpayers, advising them to report such income correctly in Schedule VDA while filing their Income Tax Returns.

Minister of State for Finance Pankaj Chaudhary informed Parliament that the Enforcement Directorate, after investigating several crypto-related cases under the Prevention of Money Laundering Act (PMLA), has attached, seized or frozen VDA-linked proceeds worth Rs 4,189.89 crore. A total of 29 people have been arrested so far and 22 prosecution complaints

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