India's Income Tax (IT) department has decided to issue notice to the business of adopting 500,000 bitcoins of cryptocurrency in the exchanges across the country.
India's tax suit has widened its investigation into the investment of Bitcoin and has expanded the business after last week's visits to at least 9 Bitcoin Exchanges in various parts of the country. Under the suspicion of alleged tax evasion, this identity of the parties has been used and among other details of its related bank accounts.
At this time it was reported that these tax authorities conducted surveys to determine the identity of the transactions made by investors and traders. In this coordinated operation, a spokesman for the tax authority finally saw that the information was collected from the Bitcoin Exchanges and these investors are looking forward to the possibility of tax collection in their source of investment.
source - https://www.ccn.com/indias-tax-authorities-issue-notices-500000-bitcoin-traders/