The income tax department on Friday said that the burden of proof to establish the creditworthiness of an investor is on the company whose returns are being assessed. The statement came after BharatPe co-founder and former MD Ashneer Grover posted a questionnaire sent by the tax department to some startups seeking details.
"In the last one month, a number of startups (a few in my portfolio as well) have received I-T notices asking to furnish information about shareholders. Bahut interesting hai - they are asking startup 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?" Grover posted on X on Friday.