IT searches on Bitcoins

     Written by : SMTV24x7 | Wed, Dec 13, 2017, 04:30 PM

IT searches on Bitcoins

New Delhi, Dec 13: In a move to crack the whip on Tax evasion using bitcoins a virtual currency the income tax department has conducted surveys at all major bitcoin exchanges across the country.

Sources said that the surveys have been conducted at nine exchanges in the country including in Delhi, Bengaluru, Hyderabad, Kochi, and Gurugram, since early morning.

It officials have said that "The surveys, under section 133A of the Income Tax Act, is being conducted for "gathering evidence for establishing the identity of investors and traders, transaction undertaken by them, identity of counterparties, related bank accounts used, among others."

Earlier the RBI had declined to legalize the virtual currency citing risks. meanwhile experts have said that "people should pay capital gains tax based on long term or short term investment period for the revenues generated through sale, trade or purchase of bitcoins".

The government had also formed a committee to look into matters related to virtual cryptocurrencies.