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I-T dept sends tax notices to investors in Bitcoin, other cryptocurrencies

India’s income tax department has sent tax notices to tens of thousands of people dealing in cryptocurrency after a nationwide survey showed more than $3.5 billion worth of transactions have been conducted over a 17-month period, a tax official said.

A small toy figure is seen on representations of the Bitcoin virtual currency in this illustration picture.

Tech-savvy young investors, real estate players and jewellers are among those invested in bitcoin and other virtual currencies, tax officials told Reuters after gathering data from nine exchanges in Mumbai, Delhi, Bengaluru and Pune.

Governments around the world are grappling with how to regulate cryptocurrency trading, and policymakers are expected to discuss the matter at a G20 summit in Argentina in March.

The Indian government has issued repeated warnings Continue reading

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