IT notice sent to traders in Bitcoin tax notice

The Income Tax Department has sent tax notice to people who have transit in cryptoconcrans

New Delhi: At last, the government has tightened the people who have made strong money through cryptocrycines, including Bitcoin. The Income Tax Department has sent tax notice to people who have transit in cryptoconcrans.

According to a media report, the total transaction of $ 3.5 billion in the past 17 months has been done in the form of crypto currency or virtual currency. People did transactions without taxes, after which IT department sent tax notice to such people.

Significantly, for the last several years, RBI, Finance Minister and Tax Department were warning people about doing business in virtual currency. Since these currency is not considered legal tender. So, with the intention of restraining them, the government has decided to send a tax notice.

The government has already warned the traders in these currency that the money in these currency is not less than putting money into Ponzi schemes.