Startups asked to share shareholders’ tax returns; alternative solutions proposed

  • The Income Tax Department has requested some startups to provide their shareholders’ last three years of income tax returns.
  • The intention is for companies to prove the ‘creditworthiness of the investor’ and ‘genuineness of the transaction’.
  • Business leaders propose sharing investors’ PAN instead, although debate persists on whose responsibility it is to validate source of funds.
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