You are here: Home » PTI Stories » National » News
Business Standard

Surat: Income Tax officials raid cryptocurrency traders

Topics
Business Finance

Press Trust of India  |  Surat 

The Income Tax Department today conducted searches at 15 places belonging to cryptocurrency traders in Surat to find out, among other things, whether the trade was being used for tax evasion.

This is perhaps the first major operation in Gujarat by the department against cryptocurrency trading.

Several documents and soft data pertaining to the digital currency trade were seized for analysis to find out whether the traders and their "beneficiaries" (customers) were using the cryptocurrencies such as Bitcoin for tax evasion, an official said.

"Searches were conducted at 15 different premises of various parties involved in cryptocurrency trade through a trading platform. The premises of beneficiaries were also searched. We have seized several documents and soft data from them," said a senior Income Tax official here.

"We have learned that Bitcoin and other cryptocurrencies were being traded. Our objective is to find out whether such trade was aimed at evading the income tax. We are also investigating whether the capital gain tax was paid on the income generated through this trade," he added.

The IT sleuths will also probe whether these traders were involved in converting black money into white by charging commission, he said.

The official did not reveal names of the traders whose houses or offices were searched.

Earlier this month, Finance Minister Arun Jaitley had said that Bitcoin or other cryptocurrencies were not a legal tender in the country.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, January 25 2018. 23:45 IST
RECOMMENDED FOR YOU