Industry Odisha Bureau, May 9: In a bid to bring all crypto-linked transactions under scrutiny from the current fiscal 2026-27, the Central Board of Direct Taxes (CBDT) has reportedly geared up for screwing up surveillance as well as Statement of Financial Transactions (SFTs) so far, crypto-currencies and other Virtual Digital Assets (VDAs) are concerned.
As per media reports, the CBDT has reportedly readied its hi-tech-driven tracking system to monitor all the crypto-linked as well as VDA transactions. This would enable the sleuths of the Income Tax (IT) Department to have a hawk-eye not only on the “compliance check” but also “identify suspicious and unscrupulous financial activities linked to crypto trading”.
Keeping pace with the need of the hour, such a timely move of the CBDT has reportedly been in place to keep a strict vigil on financial transactions via the “swift growth of digital asset ecosystem”.
Pertinent to note that the initiative is a part and parcel of the CBDT’s broader strategy under the Central Action Plan (CAP), while “Digital Compliance” is one among the key features.
“Digital Compliance: The CBDT is also working on a broader tax reporting framework for crypto-linked transactions, aiming to enhance compliance and surveillance in the digital asset ecosystem.”
Constituted in 1964 under the Central Board of Revenue Act, 1963, the Central Board of Direct Taxes (CBDT) is a statutory body under the Department of Revenue, Ministry of Finance, Government of India to oversee the administration of direct taxes, including income tax and corporate tax, through the Income Tax (IT) Department.
