It applies to residents who are 'ordinarily resident' and held foreign crypto at any point in the calendar year. It is a disclosure obligation, not just an income question.
Non-disclosure of foreign assets is not a minor slip. It falls under the Black Money Act, which carries far heavier penalties than ordinary under-reporting.
For ordinary income, under-reporting draws a 50% penalty and deliberate misreporting 200%. From 1 April 2026, exchanges also face fines for reporting failures.
Download your full AIS, match every exchange TDS entry to a Schedule VDA line, and complete Schedule FA if any platform you used sits abroad.
Treat foreign-held crypto as its own disclosure duty. The stricter Black Money Act framework makes an omission here far costlier than a domestic filing error.
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