Bitcoin Business: HNI to send income tax department 4 lani communication for suspected tax evasion

Income Tax Department (IT) has been established to issue communication for more than 4,000 people for theft and there is a high number of residents (HNIs) across the country who have negotiated and invested Bitcoin . Officials of the I-T department conducted surveys to investigate cases of tax evasion on exchanges of nine virtual currencies last week.

Senior IT officials confirmed that out of 20 lakh institutions registered in these exchanges, more than 4 lakh operations are operational and they are doing transaction and investment in virtual currencies. Investigations have been launched to establish the identity of investors and traders, to track the transactions made by them and to gather evidence for using counter-parties and bank accounts.
The search arm of the Bangalore IT department, who oversees the operations, has now sent information about those individuals and organizations, who found these databases in eight equal people across the country for detailed survey. Those people and institutions, whose records have been recovered by the department, are now being investigated on charges of tax evasion. Notices have been issued and taxes will be paid on Bitcoin and capital gains on business investment, a senior official said.
Communication for HNI and their business organizations will first seek out the relevant financial statements and will then determine whether there is a reason for increasing the demand for taxes. Since bitcoins or virtual currencies (VCs) are illegal and irregular in the country, the IT department has taken action under the provisions of the Income Tax Act, the officials said. It is concerned by the authorities under an IT law that travels surprisingly in the business premises of the party but not for the residents.
Given the sudden increase in the value of bitcoin this action was initiated, which should have received large capital gains for the natural persons and commercial institutions registered for this purpose. Officials said that it was suspected that black money was turned into white, through post-demotix, bitcoine use, under the department's scanner, officials said. At the beginning of this month, the value of Bitcoin increased from $ 10,000 to 20,000 US dollars in the beginning of the year.

source http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html

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