How to reply to income tax notice for trading in bitcoin
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 February 2018
I have got notice u/s 131 (1A). IT office is asking for my 3 years return and assets details.
Also asking for list of Bit coin accounts and bitcoin investment and profit.
I am a salaried person and my TDS is deducted normally by employer.
My investment is around 5 -6 lakhs and so far there is no gain in trading in bitcoin.
i have heard IT officer harrass a lot..
Please advise, this is serious. How should i reply to IT notice.
Also asking for list of Bit coin accounts and bitcoin investment and profit.
I am a salaried person and my TDS is deducted normally by employer.
My investment is around 5 -6 lakhs and so far there is no gain in trading in bitcoin.
i have heard IT officer harrass a lot..
Please advise, this is serious. How should i reply to IT notice.
Nikhil Kaushik
(Expert)
25 February 2018
just submit the details. If there is no gain, you don't have anything to worry. Even if there is a realised gain, max an officer can do is to ask u to pay advance tax.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST on reimbursement of expenses
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Whether output tax is taken credit by purchaser
- Additional trade name
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
