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Apr 24, 2025
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Startups face I-T department heat over funding through Singapore
The income-tax (I-T) department has issued showcause notices under Section 68 of the Income-Tax Act to several startups over funds routed through Singapore, seeking explanations for investments received over the past five years, people familiar with the development said.
The department is questioning the source, identity, and creditworthiness of overseas investors in these transactions, they said.
In addition, the notices are also being served on Non-Resident Indians (NRIs) holding bank accounts in Singapore.
“These are not routine inquiries, but formal show-cause notices.
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