Stockbrokers can ask you to submit income tax returns (ITR) to check PMLA violation; may lead to jail up to 7 years if guilty

Income tax return: Stockbrokers can also ask for your ITR even if you gave one during the time of account opening. ​Tejas Khoday from FYERS say: "Generally, brokers don't ask for ITRs once an account is active. However, exceptions exist. For instance, if there's any unusual activity in the client's account or a potential mismatch between declared income and trading volumes, brokers may request an update to the client's declared income range."

from Tax-Wealth-Economic Times https://ift.tt/0SIEXuH