1,00,000 Bitcoin investors get notices from Income Tax Department
February 06, 2018  21:49
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The Income Tax Department has issued about one lakh notices to people, who have invested in cryptocurrencies like Bitcoin without declaring these in their income tax returns, a top official said.

"People who have made investments (in cryptocurrencies) and have not declared income while filing taxes, and have not paid tax on the profit earned by investing, we are sending them notices as we feel that it is all taxable," said Sushil Chandra, chairman of Central Board of Direct Taxes at an Associated Chambers of Commerce of India event.

Chandra comment came at a time, when Finance Minister Arun Jaitley while presenting Budget 2018 in the Lok Sabha on February 1 said that all cryptocurrencies, which include bitcoins, are illegal and the government will take all measures to eliminate their use. 

Also, the virtual currencies values have been tumbling on worries about government regulation. Bitcoin fell to its lowest since November at $5,992 in the Hong Kong market in early trade on Tuesday.
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