Income tax officers can ask for ITR information from startup investors – Dainik Savera Times
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New Delhi:Income tax officials may seek details about the ITR filed by startup investors to ascertain whether the amount invested is in line with the income shown in their individual ITR. Income Tax Department gave this information.
Responding to a post by BharatPe co-founder Ashneer Grover on social networking platform will be. 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.
The Income Tax Department said, ‘In this case, the department appears to have sought to investigate the genuineness of the transactions and the source of investment by the shareholder-investor, 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. 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.
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