Reply to Ashneer Grover’s post

Responding to a post by BharatPe co-founder Ashneer Grover on social networking platform

Grover has raised the issue

Grover had raised the issue that ‘in the last one month, many startups have received tax notices, in which they have been asked to provide information about their shareholders.’

There is a demand for investigation

The Income Tax Department has said that in this case, the department appears to have sought to investigate the genuineness of the transactions by the shareholder-investor and the source of investment, so as to verify that the amount invested has been reported in the ITR of the investors. Whether it is in line with the income shown or not.”

Investors’ ITR can be verified

“Alternatively, if the ‘PAN’ of the investors is shared by the company with the Assessing Officer (AO), he can verify the ITR of the investors,” the department said.

The post Income Tax New Update: Startup investors may have to provide ITR information first appeared on Rightsofemployees.com.