Our Correspondent
The Income Tax Department has issued notices to those who have put their funds in bitcoins and it is working to obtain taxes that are due on these investments.
CBDT Chairman Sushil Chandra told a news agency that many investors did not pay advance tax on the benefits accrued. Some of the investors have also not explained these investments in their tax returns. He said, lakhs of notices have been sent to such investors.
The department had conducted pan-India surveys at these exchanges in December last year.
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.
In reply to a separate question, Mr Chandra said, he was confident that the department will not only meet but will surpass the direct taxes collection target for the current financial year.
The I-T Department has a target to collect 9.8 lakh crore rupees revenue from direct taxes by the end of this fiscal.
