New tax laws on dabba trade | business | Hindustan Times
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New tax laws on dabba trade

business Updated: May 21, 2012 22:41 IST
HT Correspondent
HT Correspondent
Hindustan Times
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The income tax law needs to be appropriately amended to prevent black money transactions in off-market deals, the white paper on black money tabled in Parliament on Monday said.

“To prevent misuse of ‘off-market’ and ‘dabba-trading’ or trading outside the recognised stock exchanges, further amendments in the income tax law may need to be introduced to allow losses in off-market share transactions to be set off only against profits derived from such transactions,” the paper said.

Such a measure may create barriers to misuse of such trading and plug loopholes, it said.