What is the Bitcoin? Why Indian Income Tax conducted survey on Bitcoin Exchange Centres?

What is the Bitcoin?

Now the generation is run behind the “Bitcoin”, many are not known about “Bitcoin”.  The Bitcoin is a virtual currency and this is also known as Crypto Currency, which can be saved in the digital wallets in Smart Phones and Computers and can be exchange in to the actual currency.

When the Bitcoin born?

The Bitcoin got more popularity in this smart generation.  The Bitcoin generated first time in the year 2009 and now it is going to reach 20 thousand dollars mark.

  

At Present in India:

The Income Tax of India finally responded on the sensational virtual currency “Bitcoin”.  The Income Tax authorities conducted a survey on Bit Coin Exchange Centres in the country and the investigation based on the people, who are not paying the tax properly.  

The I.T. authorities visited approximately 9 exchange centres in the country at first instant.  The survey conducted by Bangalore branch of Income Tax and they visited the Bit Coin exchange centres in Bangalore, Delhi, Pune, Ghaziabad, Kochi, Hyderabad and Gurgrav cities.  They collected the information about Investers, Business registration, Money transactions, Counter Party, Bank account details as per the I.T. Section 133A.

In this context, the Indian Government alerted Reserve Bank of India to keep maintain the observation on virtual currency business holders and traders on Bit Coin bubble.  On the other side, the Finance ministry decided to form the Inter-Discipline Committee in March, 2018 to study the affect of virtual currency in India and Worldwide.

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