One lakh IT notices to Bitcoin investors

bitcoin-bIts payback time for the Crypto investors as The Income Tax Department has issued around one lakh notices to those who put their money in Bitcoin and other cryptocurrencies like Ripple, Ethereum and other forms.

CBDT (Central Board of Direct Taxes) chairman Mr Sushil Chandra speaking at ASSOCHAM event in New Delhi said,

“Individuals who have made ventures (in crypto money) and have not declared their income filing taxes and have not paid tax on profit earned.Those who have earned from Bitcoin would have to give tax. Their source of income would also be asked and if they don’t pay tax, action will be taken against them”: CBDT Chief Sushil Chandra