IT dept to issue notice to 4-5 lakh HNIs to probe into Bitcoin tradings

Strengthening its probe into bitcoin investments and trade, the Income Tax (IT) department is set to send notices to 4 to 5 lakh high net worth individuals (HNI) who were trading on this unregulated virtual currency across the country.


The Bengaluru wing of the tax department had conducted surveys at nine such exchanges last week to check instances of tax evasion. Official sources said that the department has found that out of the estimated 20 lakh entities registered on these exchanges, about 4 to 5 lakh were "operational" and indulging in transactions and investments.


The investigation team has now dispatched the information of the individuals and entities found on these exchanges to eight other such wings across the country for a detailed probe....Read More

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