Fail to report crypto assets, correct mistakes or furnish inaccurate particulars? Here’s how much penalty you may pay

Union Budget 2026: Finance Minister Nirmala Sitharaman has proposed penalty provision for non-compliance in reporting of cryptocurrency assets in line with the new Income-Tax (I-T) Act scheduled to come into effect from 1 April.

During her Budget speech, she noted, “To ensure compliance with the provisions of Section 509 of the Income-tax Act, 2025 and create a deterrence for non-furnishing of statement or for furnishing inaccurate information in respect of crypto assets in such statement, it is proposed to introduce a penalty provision.”