Income tax rules for search cases to apply to crypto income for up to 6 previous assessment years from February 1, 2025

Income Tax Department for undisclosed virtual digital asset (VDA) for up to six assessment years preceding the year in which search was conducted. In section 158B of the Income-tax Act, in clause (b), after the words “money, bullion, jewellery” at both the places where they occur, the words “, virtual digital asset” shall be inserted and shall be deemed to have been inserted with effect from the 1st February, 2025.

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The Finance Minister has announced that now under Section 158A of the Income Tax Act, 1961 virtual digital asset (VDA) are to be included.

The Finance Minister said during Budget 2025 speech: «Amendments proposed in provisions of Block assessment for search and requisition cases under Chapter XIV-B

• It is proposed to add the term “virtual digital asset” to the said definition of undisclosed income of the block period. The time-limit for completion of block assessment is proposed to be made as twelve months from end of the quarter in which the last of the authorisations for search or requisition has been executed.

Vide Finance (No. 2) Act, 2024, the concept of block assessment was introduced by amending provisions of Chapter XIV-B (sections 158B to 158BI of the Act) to be made applicable where a search under section 132 of the Act is initiated or requisition under section 132A of the Act is made, on or after 01st September, 2024.

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