What happens if I don't report crypto tax?

What Happens If I Do Not Report Crypto Tax?

If you do not report crypto income, the tax department may detect it through TDS data, exchange reports, or other means. You can receive a notice and be asked to pay tax plus interest. Penalties may apply for concealment or under-reporting. Exchanges are required to report certain transactions. It is safer to report all crypto gains and pay the correct tax. If you missed earlier years, consider filing or revising with the help of a tax professional.