Ashneer Grover calls out Income Tax department's notice asking for 3-year ITR details of investors from startups
1 min read 08 Sep 2023, 02:31 PM ISTAfter challenging IT notice under Black Money Act, Ashneer Grover calls out IT notice asking for 3-year ITR of investors from startups
PremiumMonths after challenging Income Tax Department's notice, former BharatPe CEO, Ashneer Grover has again questioned Income Tax Department's another notice. The notice asked startups to share three year ITR details of investors to IT department.
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Sharing the ordeal of few startups, Ashneer Grover, said that they had received Income Tax notices that are asking to furnish information about shareholders. He specially pointed towards that part of ITR notice that asked start-up companies to furnish three year ITR of all shareholders.
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Former Shark Tank India judge also shared a copy of the IT department notice. In the notice, the IT department sought certain documents under section 142 (1) of the Income-tax Act.
“Provide documentary evidence to substantiate the identity and ITR of last three years of shareholders to substantiate the creditworthiness of the shareholders as well as the proof of genuineness of transaction in respect of fresh credit of the share capital /premium account," as stated in the IT department's notice.
“In the last 1 month, a number of startups (a few in my portfolio as well) have received Income Tax notices asking to furnish information about shareholders," he said in his tweet.
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He later went on to regard the need to fulfil details of investors ITR as contradictory to the situation and asked the need for companies to have shareholders' ITR and why shareholders will share their ITR with startups. At the end he also requested Finance Minister Nirmala Sitharaman to look into the matter.
“Bahut interesting hai - they are asking start-up companies to furnish 3 year ITR of all shareholders. 1) How and why will companies have ITR of shareholders ! 2) Why would a shareholder/individual share their ITR with a private company ?And reason likha hai ‘to establish creditworthiness of shareholders’ ? Kyun ? Company shareholder ko loan thode nahi de rahi ? Ulta shareholder ne company mein equity daal rakhi hai. Request @FinMinIndia to please look at it," he tweeted on Friday.
A month ago, the Delhi High Court dismissed Ashneer Grover's plea that was challenging an income tax notice issued to him under the Black Money Act.
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