Note that those who invest money in bitcoins, if not in the income tax case

Note that those who invest money in bitcoins, if not in the income tax case

If you also make money in bitcoin, then read this news with caution. Actually, the Income Tax Department has sent a notice to 'some lakhs' of people who have made their money in Bitcoin. Sushil Chandra, Chairman of the Central Board of Direct Taxes (CBDT) said that the department is now trying to recover the tax on such investments.

Chandra said, "Tax officials have come to the conclusion that many such investors have not given advance to the benefits they have received. At the same time some others have not made clear about it in past tax returns. In December last year, the Department had conducted a survey at the All India level in these exchanges. He said, "We have sent notices to many such investors. Many of them have agreed to pay taxes. As far as investing in bitcoine is concerned, we will definitely get tax from them. '

The CBDT chief asked about the number of notices, so this is a few lakhs. Finance Minister Arun Jaitley said in his budget speech yesterday that all cryptic mudras including bitcoins are illegal and the government will make full efforts to end them. In response to another question, Chandra said that he is confident that the department will not only achieve the target of direct tax collection in the current financial year but will also cross it. He said, 'economy is in a much better position. The last quarter of the advance tax payment will be better than the third quarter. As the economy is moving forward, the growth rate of GDP in the last quarter will increase, the economy is better, there are no negative aspects, we will definitely get more advance. '

The Income Tax Department has set a target of direct tax collection of Rs 9.8 lakh crore in the current financial year. Sources said tax officials surveyed Bitcoin Exchanges under Section 133A of Income Tax Act. The purpose behind this is to find out the identity of investors and business people, find out their transactions, related bank accounts and other information.

Last year Jaitley had informed the Parliament that there is no regulation for monitoring virtual currencies in India. At the same time, the Reserve Bank has not given any license to any entity or company for the operation of such postures.

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