According to Coindesk, India’s taxation authority has proposed new changes to the filing of income tax returns that could have a significant impact on those holding virtual digital assets (VDA) or cryptocurrencies or possibly even investments in decentralized autonomous organizations (DAO). The Central Board of Direct Taxes (CBDT) has proposed a new common tax return (ITR), which largely consolidates existing income tax returns to make it a smoother process. But the proposal also seeks information from Indians residing abroad about any business connections they may have in India, and whether that entity has a significant economic presence (SEP) in India – particularly businesses from which they draw income. This may have an impact on any crypto exchanges that are not incorporated in India but still have Indian traders, said Rajat Mittal, a tax counsel in India's Supreme Court advising crypto businesses.