India Upholds Crypto Taxes Tightens Reporting Penalties

India's Union Budget for fiscal 2026-27, announced in Parliament, retains the flat 30% tax on crypto gains and the 1% TDS but introduces stricter compliance penalties effective April 1, 2026. The Finance Bill imposes a ₹200 daily fine for late reporting and a ₹50,000 penalty for inaccurate disclosures, pressuring exchanges and smaller operators to upgrade reporting systems to avoid cumulative liabilities.