News & Media 8th Apr 2024

Penny stocks linked tax evasion: Tax dept may take you to tribunal and court for bogus transactions

Authors

Mitesh Jain Partner | Mumbai

Latest Thought Leadership

Articles 14th Jun 2024

Digital Bouncers: Navigating the Digital Competition

Read More
Articles 14th Jun 2024

SEBI Imposes Financial Penalties on Market Infrastructure Institutions For Surveillance Failures

Read More
News & Media 13th Jun 2024

Compensation claims plunge as SEBI crackdown intensifies

Read More
News & Media 12th Jun 2024

50% assured pension for central govt staff under NPS: Proposal explained

Read More

Penny stocks: The income tax department can now file an appeal in tribunals and court if you are found to be using penny stocks or accommodation entries or both to evade taxes. Earlier the tax department could file such appeals only if the tax effect crossed certain thresholds, however now these cases are to be taken on merit irrespective of the tax effect amount.

To shed light on this issue, Economic Laws Practice (ELP)’s Mitesh Jain has been quoted in an article, “Penny stocks linked tax evasion: Tax dept may take you to tribunal and court for bogus transactions” written by Neelanjit Das from The Economic Times.

Tune into the detailed story here