Income Tax Department Visits Bitcoin Exchanges In India

Income Tax Department Officials Visits Bitcoin Exchanges Across India In Search Of Tax Evasion Clues

According to the Economic Times of India, survey operations were conducted by the Income Tax Department of India today after news hinting at alleged tax evasion surfaced at major Bitcoin exchanges across the nation. Sleuths working with the Bengaluru investigation wing of the department visited Nine such office premises spread across Hyderabad, Delhi, Bengaluru, Kochi and Gurugram from early morning.

The survey conducted under section 133A of the Indian Income Tax Act was targeted at “Gathering evidence for establishing the identity of investors and traders, transaction undertaken by them, identity of counterparties, related bank accounts used, among others,” as per department officials.

The survey team barged into the crypto office premises armed with a large array of financial inputs and data regarding their working. Bitcoin off late had been garnering a lot of interest from retail and institutional investors alike given its tremendous price increase. But this has also created a cause of concern for regulators who have been kept busy juggling with the idea of whether or not to bring upon bitcoin regulation.

Reserve Bank of India since the very beginning had warned both traders and holders of this decentralised digital token about its inherent limitations. An Inter-Disciplinary Committee was constituted by the Union finance ministry in march for examining the status of virtual currencies both in India and across the globe. Suggestive measures were also expected out of the committee for tackling such currencies by overcoming the fears of volatility and fraud.

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