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Income Tax Update: Income Tax update coming for startup investors, may have to give ITR information

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Income Tax Update: Income tax officials may ask for details about the ITR filed by startup investors. The Income Tax Department has given this information while replying to a post by Ashneer Grover.


Income tax update: If you are also doing a startup or are planning to invest money in it (startup investors), then there is important news for you. Income tax officials may ask for details about the ITR filed by startup investors to find out whether the amount invested is in line with the income shown in their individual ITR. Income Tax Department has given this information.

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 the investment, 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.

Pravesh Maurya
Pravesh Maurya
Pravesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ businessleaguein@gmail.com
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