IT department carries survey operations in Indian Bitcoin exchanges

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The Income Tax Department today directed overview operations at major Bitcoin exchanges over on doubt of charged tax avoidance, official sources said.

They said different groups of the sleuths of the division, under the order of the Bengaluru examination wing, today went by the premises of nine such exchanges in the nation incorporating into Delhi, Bengaluru, Hyderabad, Kochi and Gurugram, since early morning.

The study, under area 133A of the Income Tax Act, is being led for “gathering evidence for establishing the identity of investors and traders, transaction undertaken by them, identity of counterparties, related bank accounts used, among others,”

The study groups, sources stated, are outfitted with different monetary information and contributions about the working of these trades and this is the primary enormous activity against them in India.

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