Tax Raids At 39 Locations To Check “Tax Evasion” By BSE Brokers, Traders

The income-tax (I-T) department has conducted searches at 39 locations to check alleged tax evasion by brokers and traders operating at the Bombay Stock Exchange in transactions worth about Rs 3,500 crore, the CBDT said on Saturday.

The policy-making body for the tax department said raids and survey operations were undertaken on December 3 at 39 locations in Mumbai, Kolkata, Kanpur, Delhi, Noida, Gurugram, Hyderabad and Ghaziabad.

The action was taken against brokers and traders who were involved in facilitating accommodation of profits/losses through reversal trades in illiquid stock options in equity derivative segment and also currency derivative segment on the BSE, the Central Board of Direct Taxes (CBDT) said in a statement.