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.The department has found that there is no clarity on investments made by many people, which means they have not declared them properly, he said. We have added large number of taxpayers. Our taxpayers' base is now 8 crore," he said.Noting that the I-T department is cutting down interface between taxman and assesses, Chandra said: "Your cases can't be picked up by the I-T official by his or her discretion. 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.Out of 15 lakh companies registered with MCA, only 7 lakh are filing tax return forms, Chandra said.

Source: Economic Times February 06, 2018 12:22 UTC