The tax department is issuing notices to people who invested in crypto currencies like bitcoin but did not declare income or 'profits earned' from them, CBDT chairman Sushil Chandra said today. Chandra said that the I-T department has informed all the DGs (Director Generals of Income Tax) across India and they are issuing notices. "In direct taxes, lots of reforms have been done and we have consolidated direct tax reforms... Taxpayers net has gone up. As the CBDT (Central Board of Direct Taxes) Chairman, even I can't pick up any case using discretion." He also said that the tax department started e-assessment of income tax forms in September 2017 and 60,000 cases have been completed so far.

Source: dna February 06, 2018 12:36 UTC