The Income Tax Department has notified the 'few lakhs' of people who have made their money in Bitcoin. Sushil Chandra, Chairman of the Central Board of Direct Taxes (CBDT) said that the department is now trying to recover the tax on such investments. Chandra said, "Tax officials have come to the conclusion that many such investors have not given advance to the benefits they have received. Some others have not made it clear about the past tax return. '

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The Department had surveyed these exchanges in December last year. He said, "We have sent notices to many such investors. Many of them have agreed to pay tax. As far as investing in bitcoin is concerned, we will definitely get tax from them. "The CBDT chief asked about the number of notices, so it is a few lakhs.

Finance Minister Arun Jaitley said in his budget speech on Thursday that all cryptic mudras including bitcoins are illegal and the government will make full efforts to end them. In response to another question, Chandra said that he is confident that the department will not only achieve the target of direct tax collection in the current financial year but will also cross it.

He said, 'economy is in a much better position. The last quarter of the advance tax payment will be better than the third quarter. As the economy is moving forward, the growth rate of GDP in the last quarter will increase, the economy is better, there are no negative aspects, we will definitely get more advance. '

The Income Tax Department has set a target of direct tax collection of Rs 9.8 lakh crore in the current financial year. The sources said that tax officials surveyed Bitcoin Exchanges under section 133A of Income Tax Act. The purpose behind this is to find out the identity of investors and business people, find out their transactions, related bank accounts and other information.

Last year Jaitley had informed the Parliament that there is no regulation for monitoring virtual currencies in India. At the same time, the Reserve Bank has not given any license to any entity or company for the operation of such postures.
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