Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra on Tuesday said that Bitcoin, would have to pay tax and action will be taken against those who don't pay.
Speaking ot ANI, Chandra said,''Those who have earned from Bitcoin, 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.''
CBDT, or Central Board of Direct Taxes is the statutory body that provides inputs for policy and planning of direct taxes in India.
Finance Minister Arun Jaitley, in his Budget speech on Thursday, had said that all types of crypto currencies, including bitcoins, are illegal and the government will take all measures to eliminate their use.
The I-T Department has a target to collect Rs. 9.8 lakh crore revenue from direct taxes by the end of this fiscal on March 31.