MUMBAI: Tax Department has poised itself to issue notices to certain cryptocurrency investors. High net worth individuals (HNI) might be expecting a visit from the Bengaluru taxman, according to sources who said that after surveying 2 million registered entities, the department identified four to five hundred thousand that actively transact and invest in cryptocurrencies. According to a senior official familiar with the tax authority’s plan, “Those individuals and entities whose records were recovered by the department are now being probed under tax evasion charges. Notices are being issued and they will have to pay capital gains tax on the bitcoin investments and trade.” He went on to say that HNIs and their businesses are subsequently being audited and must submit financial data to be referenced for tax assessment purposes. The official maintained that cryptocurrencies lack regulation and are currently illegal in the country.
DRI busts smuggling rackets, seizes 31kg gold
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