Tax department turns heat on bitcoin exchanges across country, checks for evasion

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The income-tax authorities have conducted surveys on brokers of Bitcoin across the country in the first major swoop on virtual currencies owing to suspicion of tax evasion.

The surveys on nine virtual currency exchanges in Bengaluru, Hyderabad, Mumbai, Delhi and Kochi are aimed at ascertaining the source of funds and tax evasion, if any, following recent reports of large-scale encashing of cryptocurrencies, a Central Board of Direct Taxes official told

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