Income Tax drawing up clean list of penny stocks suspected of money laundering

The Income Tax branch is preparing one greater listing of penny shares primarily based on the findings of an in advance probe into marketplace operators who facilitate cash laundering/tax evasion via listed groups.

A lot of penny shares

So-called because they quote at a meager price — belong to companies with no true enterprise activity. These groups are shell companies that support the wealthy either to stay away from taxes or launder their undisclosed income.

During Income Declaration Scheme (IDS) 1, extra than Rs 5,000 crore changed into disclosed by using inventory buyers dabbling in such penny stocks, in step with I-T resources.

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Earlier this yr, the I-T branch had prepared a list of eighty-four penny shares and shared it with the Securities and Exchange Board of India (SEBI). The list currently being prepared is anticipated to have a few 250 names, a source told Moneycontrol.

The I-T branch came throughout the clean names even as probing the money trail of the marketplace operators.

In January this yr

SEBI had instructed its board that it’ll take motion in opposition to organizations/market players where rate manipulation can be proved. The regulator stated it can not take action for tax evasion because it does now not come under the purview of SEBI. And SEBI has set a closing date of September for clearing all of the penny shares-associated instances.

If SEBI cannot set up a case of marketplace manipulation, then it would be difficult for the Income-tax branch to behave in opposition to operators evading taxes or laundering money through penny shares.

For the remaining 3 years, the I-T branch and SEBI have collectively operated on identifying penny stocks and feature expected around Rs 30,000 crore of tax evasion through this route.

“Taking motion towards shell organizations is difficult, but the fact is that thousands of crores of taxes are evaded via this path,” Rajeev Aggwaral, former SEBI whole-time director, said.

Recurring Income Streams

Income

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John F. Clark

Hiking addict, self-starter, band member, hand letterer and TDC honorary member. Doing at the intersection of art and elegance to give life to your brand. I work with Fortune 500 companies and startups. Prone to fits of apathy. Organizer. Professional food lover. Extreme gamer. Web evangelist. Student.

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