The I-T Department said that the Central Board of Direct Taxes (CBDT) has refunded the amount of over Rs 47,300 crore to more than 22.61 lakh taxpayers.
I-T will tax bitcoin trade, has issued few lakh notices: CBDT
I-T will tax bitcoin trade, has issued few lakh notices: CBDT
Finance Minister Arun Jaitley, In His Budget Speech Yesterday, Had Said That All Types Of Crypto Currencies, Including Bitcoins, Are Illegal And The Government Will Take All Measures To Eliminate Their Use. PTI | Updated on: 02 Feb 2018, 06:00:57 PM
New Delhi:
The Income Tax Department has issued “few lakh” notices to those who have put their funds in bitcoins and it is working to obtain taxes that are due on these investments, the CBDT chief said.
CBDT Chairman Sushil Chandra told PTI that it has come to the notice of the taxman that while many such investors “did not pay advance tax” on the benefits which they have accrued, some others have not explained these investments in their tax returns in the past.
The new taxpayer-friendly portal will be integrated with immediate processing of Income Tax Returns (ITRs) to issue quick refunds to taxpayers, CBDT said.
Highlights
CBDT further added that every interaction, upload, and pending action will be available on a single dashboard for follow-up action by the taxpayer.
Meanwhile, the tax return filing feature will be up for use only on June 18.
CBDT also informed that a new mobile app would also be launched to help taxpayers understand the various features.
The old income tax has become redundant and the upcoming income tax e-filing portal which is set to launch on June 7 will come up with several interesting features that are meant to be tax-friendly.
In a statement, the Central Board of Direct Taxes (CBDT) has revealed that the new income tax portal will have features like immediate processing of tax returns for the quick issue of refunds, interactive software for easier preparation of returns.