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IT Department Sends Tax Notices to People Dealing in Cryptocurrency
January 23, 2018
After a recently conducted national survey revealed that about $3.5 billion worth of transactions were made over a period of 17 months, the income tax department has now sent tax notices to thousands of people involved in the trading of cryptocurrencies like Bitcoin.
Tax officials said that jewelers, real estate investors, and young professionals are the groups that have heavily invested in Bitcoin and other cryptocurrencies.
The virtual currency trading industry is estimated to be adding as many as 200,000 new users every month. This is in spite of the fact that the center has warned the people on multiple occasions and called these investments “Ponzi schemes”.
