What are penalties for crypto tax evasion?

What Are Penalties for Crypto Tax Evasion?

If you do not report crypto income or under-report it, the tax department can impose interest on the tax due and penalties (e.g. for concealment or under-reporting). In serious cases, prosecution is possible. TDS and exchange reporting make it easier for the department to find unreported income. To avoid penalties, report all VDA income, pay tax on time, and file your return by the due date. If you have missed earlier years, consider voluntary disclosure or revision with a tax advisor.