munna, IT Department sent Notices to 4 to 5 lakh Individuals Trading in Bitcoins across the Country

IT Notices to 4 to 5 lakh Individuals Trading in Bitcoins Across the Country Bitcoin Investments and trade, the Income Tax (I-T) department is set to issue notices to 4 to 5 lakh high networth individuals across the country who were trading on the exchanges of this unregulated virtual currency. The taxman had conducted surveys at nine such exchanges last week to check instances of tax evasion. The department found that out of the estimated 20 lakh entities registered on these exchanges, about 4 to 5 lakh were "operational" and indulging in transactions and investments. Bengaluru investigation wing of the tax department, which supervised last week's operations, has now dispatched the information of the individuals and entities found on these databases to eight other such wings across the country for a detailed probe... [Full Story] The Reserve Bank of India (RBI) has also cautioned users, holders and traders of virtual currencies. The government has also said that it does not recognise 'crypto-currency' as legal tender in India. In March, the Union finance ministry constituted an Inter-Disciplinary Committee to take stock of the present status of virtual currencies both in India and globally and suggest measures for dealing with them. [More]                                  You have received this mail because you are a member of Fantastic Indiaa. To stop receiving these emails please Unsubscribe

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