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Income Tax Dept requests startups for investors tax returns

Income Tax Dept requests startups for investors tax returns
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This Has Been The Practice : Income Tax Office On Ashneer Grover s Questions On Startup Notices

The Income Tax Department on Friday responded to entrepreneur Ashneer Grover's questions over notices being issued to startups for documents related to three-year Income Tax Return (ITR) details of their investors and shareholders.

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Taxmen Can Seek Details Of ITRs Filed By Investors In Startups

Taxmen Can Seek Details Of ITRs Filed By Investors In Startups
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Waiting For Your Income Tax Refund? CBDT Advises Taxpayers To Check Bank Account Validation Status - Learn How To Do It

The process of income tax refunds involves crediting the refund amount directly into the taxpayers bank account. Therefore, it is necessary that taxpayers validate their bank account information on the e-filing portal. This ensures that the refunds are disbursed efficiently and securely.

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ITR Filing 2023: Taxpayers Must Verify Income Tax Return To Avoid Last Fee Up To Rs 5,000

Those who filed their ITR before July 31 can verify it without any penalty. However, if they fail to verify the ITR, it will be rejected and they will have to file a fresh ITR with a late fee of up to Rs 5,000.

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