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