Revenue secretary Hasmukh Adhia has said that close to 9 lakh companies are not filing annual returns with the ministry of corporate affairs and are a potential source of money laundering. Photo: MintNew Delhi: The government has asked all companies to disclose shares and bond transactions involving Rs10 lakh or more in a financial year to income tax department by 31 May. These companies are suspected to be used for money laundering activities. As per the income tax department records, out of the 15 lakh companies registered in India, only 6 lakh file returns. Out of these 6 lakh, about 3 lakh show nil income.

Source: Mint May 15, 2017 14:48 UTC