venture capital: Domestic startups come under income tax glare for their recent funding
Notices sent a few weeks ago to multiple startups by the I-T department asking for genuineness, credit worthiness of their investors. Post the notices were served, some startups have been asked to cough up taxes and penalties, if their submissions havent been adequate. The tax demands have been arrived at by clubbing the funding with the startups income.
Source: indiatimes.com
