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One hundred thousand Indian traders will receive notice of non-payment of income taxes

The Tax Department of India has started an active search for investors who have benefited from the crypto currency, but have not paid Taxes.

The agency sent out up to 100,000 such notices, Sushil Chandra, chairman of the Central Council of Direct Taxes (CBDT), told the press.

“We found out that there is no clarity about the investments made by many people, which means that they did not state this properly. We have informed all DG (general directors of the profit tax) throughout India. They issue notices, and taxes will be collected, “Chandra said at an event in New Delhi on February 6.

The IT tax department will also try to determine the source of the money invested in these digital currencies. If their origin is not taken into account, they will be subject to a tax audit.

“Thus, we will tax a specific amount (invested in crypto-currencies), and people will have to pay tax on it,” Chandra added.

In December 2017, tax officials surveyed Virtual Currency exchanges to collect data on transactions and investors. The reports say that the number of recipients for sending notifications can grow to 500,000 people.

“At the moment, the authorities are aimed at those who have made a significant profit,” Quartz told a lawyer who works with several Indian bitcoin exchanges.

The tax assessment is carried out a few days after the Government of India clarified that, probably, before the end of the next fiscal year, new regulations for the virtual currency will be put in place.Currently, a committee composed of officials from the Ministry of Finance, the Central Bank and the Securities and Exchange Board of India (SEBI) is dealing with this issue.

The post One hundred thousand Indian traders will receive notice of non-payment of income taxes appeared first on 5 to 9 News.



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