The Income Tax Department has given a befitting reply to former BharatPe co-founder Ashneer Grover. In fact, former co-founder of BharatPe, Ashneer Grover, had raised the issue on social media platform that in the last one month, many startups have received tax notices, in which they have been asked to provide information about their shareholders. Responding to this, the Income Tax official said, the Income Tax Department 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.

Answer received only on social media post

Responding to a post by former BharatPe co-founder Ashneer Grover on social networking platform must tell. 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.

Effort to gather correct information

The Income Tax Department said, “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, 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.