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CBDT Chairman said that while many such investors did not pay advance tax on the benefits which they have accrued, some others have not explained these investments in their tax returns LATEST NEWS :    The profits Tax department has issued "few lakh" notices to those who have put their budget in bitcoins and it is running to attain taxes which are due on these investments, the CBDT chief stated. CBDT Chairman Sushil Chandra instructed PTI that it has come to the awareness of the taxman that at the same time as many such buyers "did not pay improve tax" on the benefits which they have got collected, a few others have now not explained those investments of their tax returns in the past. The branch had carried out pan-India surveys at those exchanges in December last 12 months. "we've issued notices (to traders) and they (lots of them) have agreed to pay taxes. we can actually take taxes as some distance as the cash is concerned which is invested...

According to market experts, banning cryptocurrency dealers or exchanges would not work LATEST NEWS : As bitcoins touch record levels, a government panel has advised closing cryptocurrency dealers in India. The panel made the suggestion to curb the use of cryptocurrencies in the country, ETNow reported on Thursday quoting agencies. The report surfaces at a time when Bitcoin ’s price has zoomed past $7,000 after the Chicago Mercantile Exchange (CME) Group Inc’s announcement on Tuesday that it plans to introduce bitcoin futures by the end of the year, after regulatory approval.  Following the announcement, Coinbase Inc added more than 100,000 users in 24 hours. In July, Business Standard had reported that the government is considering setting up a regulatory structure to oversee trading of bitcoin. On Thursday, cryptocurrency traded at a record high of $6,938. According to market experts, banning cryptocurrency dealers or exchanges would not work as trad...