News & Media 2nd Apr 2024
At a time when many startups, especially in the fintech industry, have received income tax notices recently, industry executives and investors said this has created anxiety in company circles. They said such an action is regressive and poses significant challenges to startup operations and investor confidence. The notices were served under Section 68 of the Income Tax Act. They have clubbed the investments made in the startups, along with the revenue, to calculate the tax, according to the sources.
To shed light on this issue, Ajinkya Kawale from Business Standard writes on “Income tax notices lead to stress among startups, executives and investors” with insights from our Partner Rahul Charkha.