Bitcoin fell to its lowest since November at $5,992 in the Hong Kong market in early trade on Tuesday. "We found out that there is no clarity on investments made by many people which means that they have not declared it properly. "We have informed all the DGs (Director Generals of Income Tax) across India, they are issuing notices and so that would be taxed," he added.He also said that as per income tax laws, money invested in virtual currencies would be taxable if the source is unexplained. Finance Ministry statement said that as virtual currencies were not backed by assets, their prices are entirely a "matter of mere speculation". "The Government or Reserve Bank of India has not authorised any virtual currencies as a medium of exchange.

Source: Economic Times February 06, 2018 12:45 UTC