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IT dept responds to Ashneer Grover's questions over notices to startups

Livemint

Livemint · 1y ago

IT dept responds to Ashneer Grover's questions over notices to startups

The Income Tax department responded to former BharatPe CEO Ashneer Grover's concerns regarding notices sent to startups requesting three-year ITR details of their investors and shareholders. The IT department explained that Section 68 of the Income-tax Act places the initial onus on the assessee-company to prove the identity, creditworthiness, and genuineness of the transaction of the investor/shareholder. The department clarified that it aims to verify if the amount invested aligns with the investors' reported income in their ITRs and mentioned the practice of sharing PANs with the Assessing Officer.

Related News

Ashneer Grover calls out IT dep for asking ITR info of investors from startups

Livemint

Livemint · 1y ago

Ashneer Grover calls out IT dep for asking ITR info of investors from startups

Ashneer Grover, former CEO of BharatPe, has questioned the Income Tax Department's notice to startups, which asks for three years' worth of income tax return (ITR) details of investors. Grover shared his concerns on Twitter, highlighting the contradiction of startups needing their shareholders' ITR and why shareholders would share their ITR with startups. He requested Finance Minister Nirmala Sitharaman to examine the matter. Startups, including some in Grover's portfolio, have reportedly received these income tax notices, which seek information about shareholders' ITR to establish their creditworthiness.

Income Tax dept seeking shareholders’ details from some startups: Ashneer Grover

Economic Times

Economic Times · 1y ago

Income Tax dept seeking shareholders’ details from some startups: Ashneer Grover

The Income Tax department has issued notices to several startups, requesting details about their shareholders and three-year income tax returns (ITRs) of their shareholders. BharatPe's co-founder, Ashneer Grover, highlighted this issue on social media. The department invoked Section 142 (1) of the Income Tax Act, placing the initial onus on the startups to prove the identity, creditworthiness, and genuineness of transactions related to share capital/premium accounts. The department aims to determine the source of investment and its alignment with investors' ITRs.

Ashneer Grover's plea against income tax notice dismissed by HC

CNBC

Ashneer Grover's plea against income tax notice dismissed by HC

The Delhi High Court rejected Ashneer Grover's plea challenging an income tax notice issued to him under the Black Money Act. The court dismissed the petition after advising Grover's counsel to withdraw it voluntarily. Grover had requested the cancellation of the notice and a halt to the assessment proceedings under the act.

Ashneer's lawyer apologises in court for his post revealing BharatPe's funding info

Money Control

Money Control · 1y ago

Ashneer's lawyer apologises in court for his post revealing BharatPe's funding info

BharatPe's ex-MD Ashneer Grover's lawyer apologised on behalf of his client in court for a post revealing BharatPe's confidential funding details, Moneycontrol reported. The lawyer also gave an undertaking that Ashneer will not do such a thing in the future. Ashneer had shared the now-deleted post on X after he and his wife were stopped from flying to New York.

Startups Under I-T Dept Scanner, Get Tax Notices Over VC Funding

Inc42 · 1y ago

Startups Under I-T Dept Scanner, Get Tax Notices Over VC Funding

Several Indian startups, particularly in the fintech sector, have received tax notices from the Income Tax Department. The notices combine investments received with earned income, resulting in tax and penalties. Under Section 68 of the Income Tax Act, if a company fails to explain the origin and nature of its funding, the tax authorities may tax both capital and income. Startups affected by these demands must deposit 20% of the total tax demand to appeal, which may strain working capital needs. This comes as funding in the Indian startup ecosystem shows signs of picking up, with a 43% increase in funding raised in February compared to the previous month.

Delhi HC orders Ashneer Grover to delete post calling SBI Chairman 'petty people'

IndianStartupNews

IndianStartupNews · 1y ago

Delhi HC orders Ashneer Grover to delete post calling SBI Chairman 'petty people'

The Delhi High Court has instructed Ashneer Grover, the former managing director of BharatPe, to remove posts on social media targeting BharatPe and Rajnish Kumar, the former chairman of State Bank of India (SBI), within 48 hours. Grover's posts, referring to Kumar and the company as "petty people," were deemed damaging to BharatPe's reputation. The ongoing legal battle between BharatPe and Grover involves defamation suits and criminal complaints. Amidst the legal strife, BharatPe reported a widened net loss, while the court also ordered The Economic Times to take down an article detailing Grover's allegations.

BharatPe Fraud: Delhi HC Allows Ashneer Grover’s Plea To Travel To Qatar On Conditions

Inc42 · 10m ago

BharatPe Fraud: Delhi HC Allows Ashneer Grover’s Plea To Travel To Qatar On Conditions

The Delhi High Court has observed that the petitioner, Ashneer Grover, has appeared before the investigating agency whenever summoned. Grover's lawyer argued that while he will attend a personal meeting abroad, his family will remain in India, making it unlikely for him to abscond. Grover and his wife, Madhuri, had moved the Delhi HC challenging the lookout circulars issued against them by the Delhi Police's Economic Offences Wing for alleged misappropriation of funds at BharatPe.

Ashneer Grover family generated fake invoices that had bank account numbers created later, reveals EoW probe

Money Control

Money Control · 1y ago

Ashneer Grover family generated fake invoices that had bank account numbers created later, reveals EoW probe

According to a preliminary investigation by the Economic Offences Wing, invoices linked to Ashneer Grover's family, co-founder of BharatPe, allegedly siphoned off funds from the fintech unicorn through fake recruitment services. The investigation revealed that the bank account numbers on these invoices were created after the dates when they were raised. The investigation also found that the registered addresses of the HR firms involved belonged to family members or relatives of Grover's wife and brother-in-law. Last year, BharatPe had filed a criminal complaint against the Grovers on various charges, including embezzlement and forgery.

Karnataka CM to engage commercial taxes dept as GST notices scare small biz away from UPI - The Economic Times

Economic Times

Economic Times · 19d ago

Karnataka CM to engage commercial taxes dept as GST notices scare small biz away from UPI - The Economic Times

Small businesses in Bengaluru are reverting to cash transactions due to GST notices based on UPI transaction data. Karnataka CM Siddaramaiah plans to discuss this issue with the central government and state departments. BJP has announced a helpline to support small traders, criticizing the GST notices as an attempt to undermine the digital economy. The commercial taxes department claims notices were issued only for turnover requiring GST registration, amidst allegations of bribe offers to settle notices.

What are the allegations against Jaggi brothers, founders of BluSmart?

Inshorts · 3m ago

What are the allegations against Jaggi brothers, founders of BluSmart?

Brothers Anmol and Puneet Singh Jaggi, Co-founders of BluSmart and publicly-listed Gensol Engineering, allegedly misdirected ₹978 crore loans towards expenses unrelated to the purpose of loans. SEBI said they used funds meant for EVs to buy luxury flats in DLF Camellias, pay personal credit card dues, invest ₹50 lakh into Ashneer Grover's Third Unicorn and buy a ₹26-lakh golf set.

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