I-T will tax bitcoin trade, has issued few lakh notices: CBDT
I-T will tax bitcoin trade, has issued few lakh notices: CBDT
Finance Minister Arun Jaitley, In His Budget Speech Yesterday, Had Said That All Types Of Crypto Currencies, Including Bitcoins, Are Illegal And The Government Will Take All Measures To Eliminate Their Use. PTI | Updated on: 02 Feb 2018, 06:00:57 PM
New Delhi:
The Income Tax Department has issued “few lakh” notices to those who have put their funds in bitcoins and it is working to obtain taxes that are due on these investments, the CBDT chief said.
CBDT Chairman Sushil Chandra told PTI that it has come to the notice of the taxman that while many such investors “did not pay advance tax” on the benefits which they have accrued, some others have not explained these investments in their tax returns in the past.