You are here: Home » Markets » Cryptocurrency » Bitcoins
Business Standard

Those who have earned from Bitcoin will be taxed, clarifies CBDT chairman

Government has reiterated that such kind of virtual currencies will not be considered legal tender in India

ANI  |  New Delhi 

Bitcoin
A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris (Photo: Reuters)

Central Board of Direct Taxes (CBDT) Chairman on Tuesday clarified that money earned from would be applicable for taxation.

"Those who have earned from would have to give tax. Their source of income would also be asked, and if they don't pay tax, action will be taken against them," Chandra told reporters here.

Amid the rising popularity of Bitcoins, the Government has time and again, reiterated that such kind of virtual currencies will not be considered legal tender in India.

Recently, Finance Minister Arun Jaitley in his Budget speech stressed that the Government does not consider as legal tender, and will take measures to eradicate use of for illegitimate activities.

"have to bear in mind that the government doesn't consider them legal tender," Jaitley announced in his Budget speech.

He further emphasised that the government will look to eradicate their usage for illegitimate activities, nothing about investing in them.

First Published: Tue, February 06 2018. 17:55 IST
RECOMMENDED FOR YOU