GS Paper: IT, Space, Computers, Robotics, Nano technology, Bio technology and IPR

Why in News?

The Central Board of Direct Taxes (CBDT) issued a 198 page guidance note on crypto asset reporting under the Income tax Act, 2025, aligned with the OECD’s Crypto Asset Reporting Framework (CARF).

Key Highlights

1. The guidance note runs to 198 pages and is issued under the Income tax Act, 2025.
2. It aligns India’s crypto asset reporting with the OECD’s Crypto Asset Reporting Framework (CARF).
3. The framework enables automatic global information exchange on crypto asset holdings starting next year.

 [2016] With reference to ‘Bitcoins’, sometimes seen in the news, which of the following statements is/are correct?
1. Bitcoins are tracked by the Central Banks of the countries.
2. Anyone with a Bitcoin address can send and receive Bitcoins from anyone else with a Bitcoin address.
3. Online payments can be sent without either side knowing the identity of the other.
Select the correct answer using the code given below.