Posted by The tax department is issuing notices to people who invested in cryptocurrencies like bitcoin but did not declare income or ‘profits earned’ from them, CBDT chairman Sushil Chandra said. “People who have made investments (in cryptocurrency) 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,” he said.
The department has found that there is no clarity on investments made by many people, which means they have not declared them properly, he said.
Chandra said that the I-T department has informed all the Director Generals across India and they are issuing notices.
Finance Minister Arun Jaitley said in his Budget speech earlier this month that all cryptocurrencies are illegal and the government will take all measures to eliminate their use.
Chandra said that a large number of taxpayers have been brought into the tax net taking the total base to 8 crore.
He said the government has consolidated direct tax reforms.
“In direct taxes, lots of reforms have been done and we have consolidated direct tax reforms… Taxpayers net has gone up. We have added large number of taxpayers. Our taxpayers’ base is now 8 crore,” he said.
Chandra also said that no I-T official can pick up a case on his own discretion and only 0.5 per cent of all cases are picked up for scrutiny by the Department.
Source by:- indianexpress
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