POST BUDGET ANALYSIS
The IT Department has issued about one lakh noticesto peoplewho have invested in crypto currencies like Bitcoin and have not declared those investments in their income tax return, which is taxable income, Mr. Sushil Chandra, Chairman, CBDT (Central Board of Direct Taxes) said while addressing the ' ASSOCHAM Post Budget Seminar.'
Mr. Chandra informed that the Income Tax Department had conducted various surveys on crypto currency exchanges to find about regular investors, out of which how many have registered themselves and how many have done trading on that platform.
"Wehave informed alltheDGs (Director Generals of Income Tax) across India, seeking detail information from concerned individuals," he added.
He further said that as per income tax (laws), whatever money is invested in crypto currency, it would be taxable if it is unexplained. Besides, even the profit gained on the same is taxable.
In her address Ms Vanaja N. Sarna, Chairperson,CentralBoard of Excise and Customs (CBEC) said that so far as the customs side is concerned it had focussed upon three major areas in this budget - trade facilitation,dispute resolution and dispute resolution management and enforcement.
She said that changes made in the duty structure were aimed at encouraging domestic manufacturing and increase domestic value addition thereby transforming India into a manufacturing hub.
"We wanted to promote 'Make in India' in a very big way. It has been on the anvil but it needs conducive environment to move forward," said MsSarna.
"We increased duty in about 45 items and reduced in about five. It was a carefully thought out list of items as each one of them have capability of being made in India," .
She further said that things like mobile phones, perfumes, cosmetics and toiletries, juices and all these items can be manufactured in India. "What we need is to make these items in India and bring them to the masses, as most of them are related to MSMEs (Micro, Small and Medium Enterprises)."
H Dr. John Joseph, Member (Budget), CBEC, Mr. Sandeep Jajodia, President, ASSOCHAM, Mr. Sushil Chandra, Chairman, CBDY; Ms Vanaja N. Sarna, Chairman, CBfC and Mr. J. K. Mittal, Co-chairman, National Council on Indirect Taxes,ASSOCHAM. ~~()( H February, 2018 11,\\1 1 M H Mr. Sandeep Jajodia, President, ASSOCHAM welcoming Mr. Sushi! Chandra, Chairman, CBDT Onl way te FOf <r x