Section 509 — Obligation to furnish information on transaction of crypto-asset

(1) Any person, being a reporting entity, as may be prescribed, in respect of
a crypto-asset, shall furnish information in respect of a transaction of such
crypto-asset in a statement, for such period, within such time, in such form and
manner and to such income-tax authority, as may be prescribed.
(2) Where the prescribed income-tax authority considers that the statement furnished
under sub-section (1) is defective, he may intimate the defect to the person who
has furnished such statement and give him an opportunity of rectifying the defect
within thirty days from the date of such intimation or such further period as may
be allowed, and if the defect is not rectified within such period, the provisions of
this Act shall apply as if such person had furnished inaccurate information in the
statement.
(3) Where a person who is required to furnish a statement under sub-section (1) has
not furnished the same within the specified time, the prescribed income-tax authority
may serve upon such person a notice requiring him to furnish such statement within
a period not exceeding thirty days from the date of service of such notice and he
shall furnish the statement within the time specified in the notice.
(4) If any person, having furnished a statement under sub-section (1), or in pursuance
of a notice issued under sub-section (3), comes to know or discovers any inaccuracy
in the information provided in the statement, he shall within ten days inform the
prescribed income-tax authority, the inaccuracy in such statement and furnish the
correct information in such manner as may be prescribed.
(5) The Central Government may, by rules prescribe—
( a) the persons referred to in sub-section (1) to be registered with the pre -
scribed income-tax authority;
( b) the nature of information and the manner in which such information
shall be maintained by the persons referred to in clause (a); and
( c) the due diligence to be carried out by the persons referred to in sub-section
(1) for the purpose of identification of any crypto-asset user or owner.
(6) For the purposes of this section, the expression “crypto-asset” shall have the
meaning assigned to it in section 2(111)(d).