Business News Live, Share Market News – Read Latest Finance News, IPO, Mutual Funds News

Income Tax department seeks detailed information from NRIs, offshore firms on unlisted share deals, markup valuation and source of funds concerns

India’s tax authority has asked NRIs and offshore entities to justify investments in unlisted shares by seeking detailed information on sources of funds and valuations. Authorities are investigating potential tax evasion, round trip and money laundering opportunities between 2019-23 using demat data; Non-compliance will likely trigger scrutiny, tax claims and lawsuits.