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. The department had conducted pan-India surveys at these exchanges in December last year.
"We have issued notices (to investors) and they (many of them) have agreed to pay taxes. We will definitely take taxes as far as the money is concerned which is invested (in bitcoins trade) and is unexplained," he said.
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. The department had conducted pan-India surveys at these exchanges in December last year.
"We have issued notices (to investors) and they (many of them) have agreed to pay taxes. We will definitely take taxes as far as the money is concerned which is invested (in bitcoins trade) and is unexplained," he said.
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