Quote
After surveying major cryptocurrency exchanges in the country on December 13, the Income Tax Department of India is all set to send notices to 400-500K HNIs who are involved in trading Bitcoins in India.
Having collated all the significant Bitcoin traders’ details, the Bengaluru wing of the Income Tax department is now planning to send notices to these Bitcoin traders and investors.
The development – surveys at Bitcoin exchanges and the news of Bitcoin traders trading cryptocurrencies in significant numbers to be slammed notices – happened after it was speculated that people trading and investing in Bitcoins are in fact not paying over the gains.
The initiative appears to be closely linked with Panama and Paradise expose, as their ongoing investigation team suspected that some of the black money involved in the expose has now been deflected into Bitcoins as a safe passage.
Having collated all the significant Bitcoin traders’ details, the Bengaluru wing of the Income Tax department is now planning to send notices to these Bitcoin traders and investors.
The development – surveys at Bitcoin exchanges and the news of Bitcoin traders trading cryptocurrencies in significant numbers to be slammed notices – happened after it was speculated that people trading and investing in Bitcoins are in fact not paying over the gains.
The initiative appears to be closely linked with Panama and Paradise expose, as their ongoing investigation team suspected that some of the black money involved in the expose has now been deflected into Bitcoins as a safe passage.
https://inc42.com/buzz/indian-income-tax-department-bitcoin-traders/