Backbone of Indian Economy Survives on Black Blood - Indian stock exchange and Black money connection
The Department of Income Tax has reviled a report as per investigation which mentions that more than the half of the money floating in the Indian Stock exchange is that part for which the investor has not filed the IT returns, and they will soon scoop down these investors.
The reports say that the tax evaders are parking their share of profit which is not exempted and they are supposed to declared and pay tax. This money is laundered in stock market for further profit making with the companies listed in BSE and are hiding alleged Black Money.
This is for the first time that the IT department has conducted such a mass investigation. The documents reviles case studies of individual who have earned huge profits and never filed returns for the same. Bogus PAN numbers are created and later become the supporting document for the process, from Delhi itself almost of 2000 crore of rupee are traded in this manner.
The IT departments has declaired figures for 2014-2015 , shows that the stock market turnover of 32 lakh crore to rs. 66lakh crore and in this period, the numbers of alleged and potential tax evaders soared about 150%.-WTN
