POST BUD­GET ANAL­Y­SIS

Assocham Bulletin - - BUDGET -

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

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