New Delhi: By increasing its investigation into bitcoin investment and trade, IT department has allocated 4-5 lakh high net worth individuals (HNI) notices across the country, who traded on these unrestricted virtual currency exchanges.
Taxman surveyed nine exchanges last week to examine examples of tax evasion. Department officials said 4 to 5 lakh out of approximately 20 lakh companies registered on these exchanges were involved in operational and transaction and investment.
Knowledgeable people told PTI that the Bangalore-based investigative wing of the tax department, which has examined last week's proceedings, has now sent information to the individuals and individuals who have received eight wings across the country for detailed information found on these databases. "The individuals and organizations which have been recovered by the record department are now being investigated under the expenditure of tax evasion. Notices are being issued and they will have to pay a bitcoin investment and capital gains on the trade," said a senior official of the operation.
About 4-5 lakh HNIs and their businesses are issuing notice, which will first take their related financial details and will then establish the demand for tax, if any, he said. As the bitcoins or virtual currency (VC) is illegal and uncontrolled in the country, the IT department has taken action according to the current provisions, he said.
The performance of the survey conducted under Section 133 of the Income Tax Act last week was "to collect evidence for the identification of investors and merchants, transactions conducted by them, identification of counter-parts, and related evidence used in the bank account." Other, "They said. Under the IT Act, surveys are linked to tax officials, who have made a surprise visit to the party's business office, but not their residential people
Trigger for action is believed to be a huge spike registered in the recent past in the value of bitcoins and other virtual currencies. Doubtful black money was converted into white, officials said after being printed by the use of battoocines as well as under the scanner of diploma.
Earlier this month, the value of Wikipedia increased. Prior to that, a 20% dip had been increased from within $ 10,000 to $ 20,000 at the beginning of the year, within hours. Bitcoin, virtual currency, is not regulated in the country and its center of rotation is a concern among Central Banks around the world, which is now for some time.
The Reserve Bank of India (RBI) has warned users, holders and traders of virtual currency. The government has also said that it can not recognize the legal tender of 'crypto-currency' in India. In March, the Union Finance Ministry formed an inter-disciplinary committee to suggest steps to take stock of the current status of virtual currency and globally and to deal with them. The committee has submitted its report, which is being investigated.
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