Investors wary of Income Tax department move to seek details of holdings in unlisted companies, says report
Updated : April 19, 2019 10:23 AM IST
The new form released by the tax department has instructed the assesses to provide details of any investment they have made, and directorial positions they hold, in unlisted companies in their tax returns.
While many are exiting the boards to avoid getting entangled in complications experts said that the department can still find out details of all such dealings if they decide to go after any individual, said experts.
Sources within the tax department said that the move comes as it feels that many investors are manipulating balance sheets of unlisted companies to escape taxation.